WASHINGTON — The Senate on Thursday voted 60-39 to approve the most sweeping overhaul of the nation's financial regulatory system since the Great Depression, clearing the historic legislation for President Barack Obama to sign into law.
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In a “historic shift of power” from Wall Street to Main Street, the Senate this afternoon approved sweeping Wall Street reform legislation and sent it to President Obama for his signature.
AFL-CIO President Richard Trumka, says the bill, which will rein-in some of the most reckless Wall Street/Big Bank practices that shoved the nation’s economy over the cliff,
represents a historic shift of power—away from big bankers and CEOs to working families and Main Street. For years, Big Banks have profited on the backs of working families. Millions of working families lost their jobs and still can’t find work because of the reckless and selfish actions of Wall Street and the big banks.
The 60-39 vote caps a nearly yearlong fight that pitted an army of Wall Street lobbyists against a grassroots movement of financial reform activists from union, consumer and community groups. At one time the financial industry was spending an estimated $1.4 million a day to derail Wall Street reform.
Just this April, more than 15,000 people marched on Wall Street and in May, thousands more marched on K Street in Washington, D.C., demanding Wall Street reform. We also generated tens of thousands of e-mail messages and phone calls and rallied outside banks and Wall Street financial institutions. Such mobilization helped ensure that many of the Wall Street reforms working families advocated are in the final product.
The bill includes new rules on how banks handle derivatives. Derivatives are the complex and risky financial products developed by Wall Street and Big Banks that were at the heart of the financial collapse. The bill regulates banks’ hedge fund operations and gives shareholders more of a say on corporate governance.