Senate Passes Financial Reform

Friday, July 16, 2010 - 10:10am

In a series of votes hailed by President Obama, Senate Democrats passed a financial reform bill Thursday designed to prevent another economic crisis.

Financial reform passed the Senate in a mostly party line vote, 60 votes to 39.

Democrats broke a Republican filibuster to pass the bill.

The so called Fin-Reg bill sets up two new agencies and tougher rules designed to protect consumers, regulate banking and crack down on risky investing.

Republicans were passionately opposed.

"This is precisely the thing Americans are tired of, a government simply out of control," said Senate Minority Leader Mitch McConnell.

Democrats say the bill blocks the way back to the scary days of 2007.

President Obama is planning an elaborate signing ceremony for his financial reform package.

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