Last week, by a 59-39 vote, the Senate passed a reform package which puts safeguards in place to thwart a 2008 financial meltdown “repeat”.
NV Majority Senate Leader, Harry Reid said, “It’s a choice between learning from the mistakes of the past or letting it happen again… for those who wanted to protect Wall Street, it didn’t work.”
So what does this mean for you?
Well, it will do three things:
· Put the brakes on abusive mortgage lending for good (lessening the likelihood of future foreclosures)
· Businesses that are liquidated will do so at no cost to the tax payer (in response to huge bail outs we saw two years ago)
· It will form a “financial stability oversight council” to identify financial risks sooner and create new trading rules (warning us of another crash on Wall Street)
According to the Associate Press, the bill has to land on President Obama’s desk sometime this summer.