Senate Passes Wall Street Regulation Bill

It’s another victory for U.S. President Barack Obama after the Senate passed a comprehensive bill that would regulate Wall Street and provide more consumer protection to prevent another economic crisis similar to the one that struck the country in the late part of the decade. The legislation passed without debates after Republican Senators Scott Brown, Susan Collins, and Olympia Snowe sided with 57 Democrats to shut off filibuster attempts.

Obama said the legislation, which includes a provision that will create a Consumer Financial Protection Bureau, is important to ensure that another economic meltdown will not occur. “The recession we’re emerging from was primarily caused by a lack of responsibility and accountability from Wall Street to Washington.” The Senate version of the bill must be reconciled with that of the House of Representatives before it reaches Obama’s table for his signature.

The bill, whose main features include a ban on propriety trading at banks and a stronger derivative trading oversight, was in danger of being blocked by filibuster just a day ago as Brown, who held the crucial vote that would give the Democrats enough numbers to prevent debates, initially opposed the legislation. However, negotiations with Sen. John Kerry and Rep. Barney Frank made Brown reconsider his earlier decision.