Senate Passes Financial Regulatory Bill

Friday, May 21, 2010

Sen. Richard Durbin (D-IL) hugs Sen. Blanche Lincoln (D-AK)as Sen. Barbara Boxer (D-CA) and Senate Majority Leader Harry Reid (D-NV) stand nearby after voting to pass Wall Street reform, May 20, 2010. (Mark Wilson/Getty)

The Senate approved a sweeping financial regulatory bill with the help of four Republicans Thursday night, including Senator Scott Brown of Massachusetts, who won Ted Kennedy's seat. The vote was 59 to 39.

The Associated Press reports that the bill includes new rules which will be tougher on borrowers and lenders. Home buyers won't be able to get a mortgage without giving evidence they can make the payments, and a new consumer watchdog will monitor lenders who offer low rate loans and then jack up rates.

President Barack Obama says lobbyists tried to kill the bill - and then water it down - but those efforts "have failed." Next, the bill heads to the House, where it will be reconciled with the bill passed there last December. The bill is expected to be on President Obama's desk for signature as soon as July 4.

UPDATE TO THIS STORY SINCE IT WAS FIRST POSTED: This story was updated to include Thursday evening's news that the Senate passed the bill.

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