Congress passed the Federal Financial Reform bill yesterday afternoon, marking the stiffest restrictions implemented on banks and Wall Street since the Great Depression.
The legislation passed largely along party lines with a vote of 60-39.
According to the Wall Street Journal, once implemented, this measure will touch all areas of the financial markets, affecting how consumers obtain credit cards and mortgages, dictating how the government dismantles failing financial firms and directing the federal regulators’ focus on potential flashpoints in the economy.
For a full Wall Street Journal article, click here.
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