President Obama declared victory Friday after congressional negotiators reached a dawn agreement on a sweeping overhaul of rules overseeing Wall Street.
Lawmakers shook hands on the compromise legislation at 5:39 a.m. after Obama administration officials helped broker a deal that cracked the last impediment to the bill -- a proposal to force banks to spin off their lucrative derivatives trading business. The legislation touches on an exhaustive range of financial transactions, from a debit card swipe at a supermarket to the most complex securities deals cut in downtown Manhattan.
Speaking to reporters as he left the White House to attend an economic summit of world leaders in Toronto, the president said he was "gratified" for Congress' work and said the deal included 90 percent of what he had proposed. He said the bill, forged in the aftermath of the 2008 financial meltdown, represents the toughest financial overhaul since the Great Depression.
All of the changes were reached on a party line vote, so much for bi partisanship. Most importantly, I doubt any one can still explain any part of this bill. So, it's likely that financial regulation will go the way of health care according to Nancy Pelosi
we'll find out what's in it when it passes
The bill deals with everything from credit cards, credit default swaps, and mergers. We've already heard rumblings that totally free checking will go away. The ramifications of this bill will not be known for years.