The Senate passed dramatic financial reform legislation Thursday that was developed to prevent the failures and scandals that contributed to the recession. Senate Banking Committee Chair Chris Dodd, D-Conn., who spearheaded financial reform efforts, lauded the bill's passage as "a major step towards creating a sound economic foundation for the American people we represent."
Key provisions include:
- The creation of a Consumer Financial Protection Bureau.
- Greater transparency in the derivatives market.
- Federal power to take control of and liquidate failing financial institutions.
- Enhanced government oversight of financial institutions.
The Washington Post Friday published a detailed graphic that breaks down the 1,500 page bill.