Senate Passes Wall Street regulation

Senate passes Wall Street regulation bill

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begin quote from above news article:

By JIM KUHNHENN, Associated Press Writer Jim Kuhnhenn, Associated Press Writer –  

WASHINGTON – Prodded by national anger at Wall Street, the Senate on Thursday passed the most far-reaching restraints on big banks since the Great Depression. In its broad sweep, the massive bill would touch Wall Street CEOs and first-time homebuyers, high-flying traders and small town lenders.

The 59-39 vote represents an important achievement for President Barack Obama, and comes just two months after his health care overhaul became law. The bill must now be reconciled with a House version that passed in December. A key House negotiator predicted the legislation would reach Obama's desk before the Fourth of July. end quote.

This bill was important for Democratic and Republican incumbants to pass. Likely they were scared to death by what happened to several Republicans and Democrats during the primaries. The Tea Party has shaken up both the Republican Party and to some degree also the democratic party and is the new wild card in making things happen. I think the Tea Party's influence is one of the reasons the Wall Street legislation has been voted in. Though I'm not a Tea Party member I undestand the rage out there that has precipitated this movement. There hasn't been something quite like this since Ross Perot in the 1990s. It is possible that Representative Ron Paul a Libertarian Republican might be another Perot in the next Presidential elections a few years off in the Tea Party.