The Senate late Thursday afternoon passed the Dodd-Frank Wall Street Reform bill by a 60-39 vote, clearing the way for the president to sign the historic measure next week.
Senate majority leader Harry Reid said the 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 legislation 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 during a speech at the National Press Club.
In a statement the Independent Community Bankers Association said the financial crisis "clearly demonstrates that reform of Wall Street is needed to prevent this kind of catastrophe from ever again harming our nation's taxpayers and our communities.
While ICBA still vigorously disagrees with some sections of the final bill, the Dodd/Frank Act does create an important precedent that recognizes two distinct sectors within the financial services spectrum — Main Street community banks and Wall Street megabanks."
