Financial Bill Overhaul

The U.S. Senate has passed a bill containing the stiffest restrictions on Wall Street and banks since the Great Depression, clamping down on lending practices and expanding consumer protection in order to prevent downslides like 2008's financial meltdown.

The bill passed in the Senate by 60-39 and now goes to President Obama's desk. The law will give the government new powers to break up companies that threaten the economy and creates a new agency that will protect the financial transactions of consumers. From the biggest banks

to storefront payroll lenders, all are still beyond the bill's reach. The council of regulators will be on the outlook for risks across the financial system.

Republicans have called the bill “a vast federal overreach” that will drive financial jobs overseas. FRB Chairman Ben Bernanke said the Senate vote represents a "far-reaching step toward preventing a replay of the recent financial crisis.”

Republicans also criticized the bill for not addressing mortgage financial giants Fannie Mae and Freddie Mac, whose questionable lending activities helped start a collapse in the housing market.

Under the bill, community banks won't have to be examined by the new consumer bureau and will get a break on higher insurance premiums. It will take the next economic crisis to test whether the new bill will actually to provide the tool to meet the challenge.

WHL

7-16-10

Houston

美通過最嚴厲金改法案

    美國參議院通過自經濟大衰退以來針對華爾街和銀行業的最嚴厲的金融改革案。

    新法案將保護消費者免受住房貸款風險傷害，和保護消費者投資權益，避免2008年金融危機再現。

    當天投票中，法案最終以60票贊成，39票反對通過。因此，歐巴馬將於下周正式簽署此案使之成為正式法律。

    新法案將賦予政府更大的權力來對運行狀況不良的公司進行監控，并建立新機構來保護消費者的金融交易。因此，該法案觸及金融行業的方方面面，同時金融體系也由議會立法人員監控和評審。

    共和黨對這項法案表示不滿，批評該法案並未強調房貸金融巨頭兩房對房地產業帶來的重大衝擊。

    根據這項金改法案規定，社區銀行將不必由新的消費者機構來檢審，並將獲得更高的金融保險金。

    這次金融改革法案是否能成為解決金融問題的靈丹妙藥

並提供有效的解決辦法，還有待於進一步驗証。