Financial Overhaul Bill Could Pass the Senate This Week

Financial Overhaul Bill Could Pass the Senate This Week


Financial overhaul legislation could pass the Senate this week, as Democratic lawmakers are trying to secure the final votes needed.

The bill would impose tighter regulations on financial firms and reduce their profits; boost consumer protections; force banks to reduce risky trading and investing activities and set up a new government process for liquidating troubled financial firms. The bill would reportedly impose the most sweeping rules on banks and Wall Street since the Great Depression, the Boston Globe said.

The House passed the bill June 30 with support from just three GOP representatives. The bill needs 60 votes to pass the senate.

“That leaves little room for error in the vote counting,” the Globe reported.

According to Reuters, Senate Majority Leader Harry Reid (D-Nev.) has 57 Democratic votes, as well as the support of Republicans Susan Collins and Scott Brown, leaving him one vote short.

Republicans Olympia Snowe and Charles Grassley have backed the bill before, but have not said if they will support the final version. Reuters also noted Reid could get another Democratic vote if West Virginia Gov. Joe Manchin promptly appoints a successor for the seat of the late Sen. Robert Byrd.

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A Chicago native, Bridgette has been a journalist since she first wrote for her seventh grade newsletter. Today, that passion is just as strong. She has written for several newspapers, including the Houston Chronicle, the Houston Defender, the Marshall News-Messenger (Texas) and the Springfield News-Sun (Ohio).