Senate Passes Financial Overhaul Bill

FOXNews.com, 5/20/2010 - WASHINGTON (AP) -- The Senate has passed a sweeping overhaul of how the government regulates banks and Wall Street. ∴ The legislation is aimed at preventing a repeat of the financial meltdown two years ago that plunged the nation into a deep recession. ∴ The Senate passed the bill on a 59-39 vote, giving President Barack Obama a major policy victory. ∴ The bill now must be merged with a House version. A key House negotiator predicts the bill will reach Obama's desk by the Fourth of July. ∴ The massive legislation touches all points in the financial sectors, from Wall Street CEOs and first-time home buyers, to high-flying traders and small town lenders. ∴ The bill calls for new ways to watch for risks in the financial system.