The most significant U.S. financial reform bill since 1930 saw a major breakthrough on the 20th, with expectations that it will pass in the Senate within this week. U.S. President Barack Obama expressed his excitement regarding the outcome.
On the 20th, the U.S. Senate voted 60 to 40 to formally end the debate on the financial reform bill, paving the way for the most significant financial reform in 80 years to potentially pass the Senate before the weekend.
In previous weeks, the bill had been stalled due to opposition between Senate Democrats and Republicans, preventing the conclusion of the debate. However, thanks to the support of three Republican senators this time, the Democrats were able to clear the final obstacle before the vote.
President Obama, who has made promoting financial reform a priority since taking office, expressed great satisfaction with the result. He stated that the American people will no longer have to pay a heavy price to bail out irresponsible financial institutions. From now on, there will never again be a taxpayer-funded bailout plan.
This marks another major victory for Obama following the passage of the historic healthcare reform bill. The U.S. financial system now has the opportunity to be comprehensively overhauled. In addition to strengthening regulatory oversight of financial markets, the government will also establish a new consumer protection agency to prevent the tragedy of a financial crisis from happening again.
