UPDATE: Congress has officially passed the Financial Overhaul Legislation and sent it to President Barack Obama.
The Dodd-Frank Bill was just passed by the U.S. Senate by a 60-38 vote. The bill could represent the largest reform on Wall Street since the early 1930’s.
The bill has already been passed by the U.S. House of Representatives, and will most likely be signed by President Obama. 
The passing of this bill represents a major victory for the President who has seen his popularity fall in recent months. The bill which is named for its chief authors, Connecticut Senator Christopher Dodd and Massachusetts Representative Barney Frank, touches on almost every aspect of the financial industry.
One of the major initiatives involved in the bill is the establishment of a new consumer-protection agency, the Consumer Financial Protection Bureau. Mortgage brokers as well as other financial firms will have to answer to the Consumer Financial Protection Bureau. The bill also allows the government to break up companies whose failure could disrupt the economy.
Let us know, in the comments section below, how you feel about the passing of this bill and if you think it will truly have an effect on the economy as well as the mortgage industry.
Loading ...
RSS feed for comments on this post.
Leave a comment