Senate Approves Sweeping Financial Overhaul The U.S. Senate on Thursday passed a sweeping measure to overhaul the rules for Wall Street. The bill still has to be reconciled with a similar House measure.
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Senate Approves Sweeping Financial Overhaul

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Senate Approves Sweeping Financial Overhaul

Senate Approves Sweeping Financial Overhaul

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MICHELE NORRIS, Host:

From NPR News, this is ALL THINGS CONSIDERED. I'm Michele Norris.

ROBERT SIEGEL, Host:

Senate Majority Leader Harry Reid of Nevada calls the bill a victory for Main Street.

HARRY REID: For those who wanted to protect Wall Street, it didn't work. They can no longer gamble away other people's money. The days of too big to fail are over. For them, the game is over.

SIEGEL: NPR's Audie Cornish joins us now from Capitol Hill. And, Audie, this is being called the biggest change in Wall Street regulations since the Great Depression. Outline some of the high points for us.

AUDIE CORNISH: And lastly, the bill would try and prevent the kind of ad hoc hustle you saw with regulators who had to create the taxpayer bailout system to help giant firms that were failing. This bill would create a formal process for dissolving giant financial firms using something similar to what we do now with the FDIC and smaller banks.

SIEGEL: That's some of what is in the bill that the Senate passed this evening. Tell us some of the things that aren't in the bill because of compromises that had to be made to get it passed.

CORNISH: Basically, Republicans and Democrats decided to pull both amendments rather than to have votes on either. And so at the last minute, those amendments were trashed, and the bill went to final passage.

SIEGEL: NPR's Audie Cornish on Capitol Hill.

CORNISH: Thank you.

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