Bill creating protection bureau for credit cards, mortgages passes Senate
Financial products – such as credit cards and mortgage loans – came a step closer to further regulation as the result of financial reforms being passed by the Senate.
Through the Senate’s passage of the regulatory overhaul, a new federal-level consumer protection bureau would be created within the Federal Reserve System, which would monitor the products offered to consumers.
Connecticut Democratic Senator Chris Dodd was the primary writer of the legislation, which passed in a 59-39 vote. Through the life of the legislation, Dodd worked with Republican Senators to try and present legislation that would be acceptable to both parties.
“With passage of the Wall Street Reform bill we have taken a major step towards creating a sound economic foundation for the American people we represent,” Dodd said. “This is their victory.”
Now the task at hand will be to combine the Senate’s bill with one that was passed by the House last year. The lower house’s version also creates a federal protection bureau, though it would be a stand-alone agency. Once passed, the reforms represent the largest changes to financial regulation since the Great Depression.
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