U.S. Senate passes financial overhaul bill (2)

14:57, May 21, 2010      

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"This is not a zero-sum game where Wall Street loses and Main Street gains," Obama said earlier Thursday after the Senate cleared a key 60-vote hurdle blocking final action.

"Our goal is not to punish the banks," he said, "but to protect the larger economy and the American people from the kind of upheavals that we've seen in the past few years. Today's action was a major step forward in achieving that goal."

Obama said the final version of the bill will hold financial firms accountable but not stifle the free market.

"Over the last year, the financial industry has repeatedly tried to end this reform with hordes of lobbyists and millions of dollars in ads, and when they couldn't kill it they tried to water it down .... Today, I think it's fair to say these efforts have failed," Obama said.

The president said "we've still go some work to do." "The House and the Senate will have to iron out the differences between the two bills. And there's no doubt that during that time the financial industry and their lobbyists will keep on fighting."

Analysts said that it will not be easy for the two chambers to reconcile on the final bill since there are considerable differences between the two versions.

They also noted that Wall Street big banks including JPMorgan Chase, Bank of America and Goldman Sachs could be hit hard by the new rules.Source:Xinhua
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(Editor:黄蓓蓓)

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