Regulatory Reform Set to Clear Senate
July 15th, 2010
Written by Frost Mortgage
Categories: Announcements, Events, Legislation
As National Mortgage news online reports www.nationalmortgagenews.com The Senate Thursday morning voted 60-38 to break a filibuster on the Dodd-Frank Wall Street Reform bill, clearing the way for final passage in the afternoon. Senate majority leader Harry Reid said the landmark financial services regulatory reform bill will help restore trust in the U.S. financial system. “We’re going to give consumers and investors the strongest protections they’ve ever had against abusive banks, mortgage companies, credit card companies and credit-rating agencies,” Reid said. Financial Services Roundtable president and chief executive Steve Bartlett said there are parts of the bill the banking industry likes, but noted that some sections are problematic. “The bottom line is this: the Dodd-Frank bill soon will be the law of the land. As an industry, we will make it work—working closely with regulators, who will implement the new law—in the best interests of the American people and the economy,” Bartlett said in a speech at the National Press Club.
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