Obama happy with the vote on Wall Street reform
May 21st, 2010 - 9:04 pm ICT by Aishwarya BhattWashington DC, May 21 (THAINDIAN NEWS) President Barack Obama has given the thumbs up for Senate’s vote on Wall Street reform. President Obama called the vote a victory over the Wall Street. He said the Wall Street had tried their to kill the reform before the vote on Thursday.
Senate voted on Thursday, to pave way for overhaul of the country’s financial system. The reform, which needs several steps before the White House can approve it, would increase controls on the banking industries in the United States of America. Obama said from the White House said there would be no more bailouts for the banks and financial institutions because of the new bill.
The President said because of the financial reform, “There will be no more taxpayer funded bailouts, period. If a large financial institution should ever fail, we will have the tools to wind it down without endangering the broader economy and there will be new rules to prevent financial institutions from becoming too big to fail in the first place.”
Obama said the new reform would make no bank feel that they are too big to fail and that will in turn make the banks and Wall Street responsible for their doings and their actions. The bill exposed the huge differences between the Democrats and the Republicans. However the Democrats managed to pull a 60 40 vote to pass the bill.
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