Senate Passes Wall Street Overhaul Bill
May 20, 2010
The Senate on Thursday night approved a bill that begins the process of re-regulating Wall Street and lifting the veil of secrecy at the Federal Reserve. The vote was 59 to 39. The legislation, which still must be reconciled with a House version of the bill, is designed to prevent a repeat of the 2008 financial crisis that caused the worst recession since the 1930s. “As a result of the greed, recklessness and illegal behavior of Wall Street, this country was plunged into a horrendous recession. While this bill does not go as far as I would like, it is a strong beginning in the effort to reregulate huge financial institutions and to bring transparency to their often nefarious activities,” Senator Bernie Sanders said after the vote.
“I am especially proud that in this bill there is a major provision I authored which, for the first time, will lift the veil of secrecy at the Federal Reserve and give the American people an understanding of where trillions of their tax dollars went in the Wall Street bailout.
“I am disappointed that we could not garner the necessary votes to lower interest rates on credit cards or to begin the process of breaking up the largest financial institutions in this country which are the cause of so many of our problems. I intend to continue that effort until we succeed.”