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Senate Passes Massive Financial Reform Bill

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.

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