Money Matters - Simplified

Obama pushes Senate to pass Wall St. bill

Washington -- U.S. President Obama called on the Senate to quickly pass Wall Street reform legislation Tuesday, crediting Republican senators for supporting the legislation.

"What members of both parties realize is that we can't allow a financial crisis like this one that we just went through to happen again," Obama said in the White House Diplomatic Room after meeting with Senate Democratic leaders about the legislative agenda before the congressional break in August. "This reform will prevent that from happening."

Republican Sens. Scott Brown of Massachusetts, and Susan Collins and Olympia Snowe, both of Maine, have signaled they would join Democrats on Wall Street reform, The Hill reported.

With the three Republicans signaling they're on board, Senate Majority Leader Harry Reid said he believes he has the 60 votes needed to block a filibuster. However, the bill's fate still could be in doubt because Sen. Ben Nelson, D-Neb., said Monday he had not decided whether to vote for the bill because of concerns he had about who a new consumer-lending regulator would be if the bill passes.

The bill, developed from negotiations between House and Senate lawmakers last month, would tighten regulations governing financial markets to help prevent another financial crisis and better handle one if it occurs. Among other things, the bill would increase powers of federal agencies such as the Federal Reserve and the Securities and Exchange Commission, grant the government power to break up failing companies and strengthen oversight of exotic financial products like derivatives.

Copyright 2010 United Press International, Inc. (UPI).

No votes yet