Congress Passes Wall Street Reform, Sends to Obama for Signing
WASHINGTON - The U.S. Congress has approved the broadest overhaul of financial rules since the Great Depression and sent it to President Barack Obama to sign into law, Reuters reported.
By a vote of 60 to 39, the Senate gave final approval to a sweeping measure that tightens regulations across the financial industry in an effort to avoid a repeat of the 2007-2009 financial crisis.
Auto dealers, after months of debate, won a hard-fought exemption from the measure.
Obama will likely sign the bill into law next week, the White House said.
The legislation, which had been opposed by banks, leaves few corners of the financial industry untouched. It establishes new consumer protections, gives regulators greater power to dismantle troubled firms, and limits a range of risky trading activities by banks in a way that would curb their profits.
With Republicans poised for big gains in the November congressional elections, Democrats are eager to show voters that they are cracking down on an industry that touched off the worst recession in 70 years.
"I regret I can't give you your job back, restore that foreclosed home, put retirement monies back in your account," said Democratic Senator Christopher Dodd, one of the bill's chief authors. "What I can do is to see to it that we never, ever again go through what this nation has been through."
It is not clear whether voters will give Democrats credit.
The public's awareness and understanding of financial regulation is very low, according to a new poll from Ipsos released today.
Of those polled, 38 percent had never heard of the reform, while 33 percent had heard of it but know nothing about the legislation. Other polls show that voters' views of the reform fall mostly along party lines.
The bill has also won Democrats few friends on Wall Street as wealthy donors have started to steer more campaign contributions to Republicans.
More Industry

Pennsylvania Dealership Under New Retailers
The sale of the Chrysler Dodge Jeep Ram store puts a family auto group on a leaner path as first-time dealers take the helm.
Read More →
Battery Storage Takes Priority Over EVs
U.S. automakers are prioritizing battery energy stationary storage over electric-vehicle production as the consumer demand for EVs lags the rest of the world.
Read More →
Auto Dealers Feel Better But Not Great
A second-quarter Cox Automotive poll of franchised retailers and independents found better views of the current market after a good spring but anticipation of third-quarter storminess.
Read More →
New-Vehicle Sales Picture Relative
A May forecast is complicated by last spring’s trade tariff effects on auto retail. Despite continued hard realities, many consumers took advantage of ways to bite the bullet.
Read More →
Auto Group Acquires Third Nissan Rooftop
Iowa-based Coleman Automotive Group recently acquired its seventh dealership, McGrath Nissan, which it renamed Nissan of Elgin.
Read More →
April Less Affordable
Based on prices, reduced incentives and slower household income growth, consumers found it more challenging to buy new last month, Cox Automotive reported.
Read More →
Building an Extraordinary F&I Agency
Work to determine your specialized talent, because that fact will determine everything about your agency’s future.
Read More →
Recipe for Compliance
The secret to both amazing barbecue and compliance is the same: understanding the basics and committing to a process.
Read More →
EVs Getting More Attractive
A growing percentage of U.S. consumers are open to switching and fewer are adverse to the idea, according to a recently completed survey. That’s despite the end of a tax break.
Read More →
EV Sales Drop in April Following Surge
North American electric-vehicle sales were down 28% year-over-year, a sharp contrast from global EV sales growth of 6%.
Read More →