Congress passes financial reform
With the help of Maine's two U.S. senators, Congress yesterday passed a financial reform bill aimed at cracking down on lending practices and boosting consumer protection.
The Senate gave its final approval with a 60-39 vote two weeks after the bill passed the House, earning the votes of only three Republicans -- Maine Sens. Olympia Snowe and Susan Collins and Massachusetts Sen. Scott Brown, according to the Associated Press. Included in the bill are provisions that allow the government to break up companies whose practices threaten the economy, create a new agency for consumer protection and give new power as well as congressional oversight to the Federal Reserve. Failing financial institutions can also be liquidated.
Both Snowe and Collins drafted amendments to the bill that include provisions to protect small businesses from negative impacts associated with the increased federal scrutiny and increase capital requirements for large banks, according to the Kennebec Journal. Prior to the vote, the senators told the paper the new regulations would increase oversight and transparency, helping to avoid another financial meltdown like that of 2008.
President Obama is expected to sign the bill as early as Wednesday.
Go to the article from the Associated Press >>
Go to the article from the Kennebec Journal >>
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