U.S. Senate passes financial overhaul bill

14:57, May 21, 2010      

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In a major victory, U.S. Senate passed Thursday a sweeping financial regulatory bill, marking a milestone of the nation's biggest overhaul of financial regulations since the 1930s.

The landmark legislation, which aims to reshape both Washington and Wall Street, passed by a vote of 59 to 39, with a few Republicans crossing the aisle to join the vast majority of Democratic senators in support of the bill.

Under the U.S. legislative procedure, the bill would then go to a House-Senate conference to reconcile differences in the legislation before it can be sent to President Barack Obama for signing into law.

The far-reaching financial rules aims to curb Wall Street's high-risk practices blamed for the global economic meltdown of 2008, solve the systemic risk of the "too big to fail" problem among financial firms, and create a consumer protection agency to better protect Americans.

It will also try to ban commercial banks from trading in speculative investments and impose state interest rate caps on credit card issuers, among other changes.

The U.S. House passed its version of financial overhaul in December 2009. The Senate's bill was proposed by Christopher Dodd, chairman of the Senate Banking Committee, earlier this year.


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(Editor:黄蓓蓓)

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