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Caitlin Huey-Burns
The
The final version of the bill passed in the
Three Republicans crossed the aisle to give Democrats the necessary 60 votes to end debate and to pass the bill. Massachusetts Sen. Scott Brown voted for financial reform after a multi-billion dollar bank tax was removed. Maine Republican Sens. Olympia Snowe and Susan Collins also voted for the bill.
The only Democrat to break party lines and vote against the bill was Wisconsin Sen. Russ Feingold who argued the massive legislation doesn't adequately crack down on Wall Street. "Washington once again caved to Wall Street on key issues and produced a bill that fails to protect the American people from the pain of another economic disaster," Feingold said in a statement.
The legislation, sponsored by Connecticut Sen. Chris Dodd and Massachusetts Rep.
Barney Frank, aims to prevent big banks from becoming too big to fail, bulks up the authority of the
The most significant part of the bill is the creation of the
The new agency comes with a couple carve-outs. While auto loans are covered by the bill, the protection bureau will not
supervise auto dealers who help their customer finance car loans. The
Pay-day lenders and pawnbrokers will also be excluded from the bureau's oversight, drawing criticism from consumer advocacy
groups.
For now, most Democrats count the passage as a success and even the bill's author acknowledged the implications of the bill
remain to be seen. "It is not a perfect bill, I will be the first to admit that," Dodd, who is retiring, said on the
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Senate Passes Landmark Financial Reform Bill