The article written by David M. Herszenhorn from the New York Times explains the new Financial Bill set to pass after a vote of 60 to 38 in the Senate. This Financial Bill that Herszenhorn discusses will be a major bill that President Obama has tried to pass while in office. Much like the Health Care Bill, it will have a tremendous impact on the American people. This 2,300 page legislation is a response to the 2008 financial crisis that brought the powerful US economy to its knees. The bill chief aim is to “widely expand the regulatory authority” and discourage risky behavior on Wall Street. In addition, to this a “powerful consumer financial protection bureau, to be housed in the Federal Reserve” will be set in place to manage these regulations. The passage of this bill will be a “clear turning point” in the financial industry and a major change in the government’s involvement since Great Depression.
Here is a link to David M. Herszenhorn's article
http://www.nytimes.com/2010/07/16/business/16regulate.html?pagewanted=1&_r=1&hp
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