Sen. Blanche Lincoln (R-AK) (2L) smiles with Sen. Christopher Dodd (D-CT) (L), Sen. Mark Warner (D-VA) (2R) and Sen. Barbara Boxer (D-CA), after voting to pass Wall Street reform, on May 20, 2010 in Washington, DC. In a 59-39 vote the Senate passed the landmark Wall Street regularly reform bill that will increase restrictions on the banking industry. (May 19, 2010 - Photo by Mark Wilson/Getty Images North America)

WASHINGTON ( — The Senate on Thursday passed the most sweeping regulatory overhaul of the financial system since the New Deal.
The bill, which passed 59-39, imposes more oversight and stronger capital cushions for the largest banks and Wall Street firms, while aiming to stop bailouts, shine a light on complex financial products and strengthen consumer protection.
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What the bill CLAIMS to do…

  • establish a consumer financial protection regulatory agency that could write new rules to protect consumers from unfair or abusive mortgages and credit cards.
  • create a council of regulators that would sound an alarm before companies are in position to trigger a financial crisis.
  • establish new procedures for shutting down giant financial firms that are collapsing.

What the bill DOESN’T do…

  • break up banks that are too big to fail
  • close the loopholes in derivatives market
  • restore the safeguards established after the Great Depression (Glass-Steagall), to separated Main Street banks from big Wall Street firms
  • remove the massive government guarantees to the giant banks
  • increase liquidity requirements to prevent future meltdowns

Names of your betrayers (click here for full roll call)

  • Sen. Richard Shelby, R-Ala. (yes he blasted the bill after the fact, but the reality is that he wrote parts of it and in the end voted on it.)
  • Sen. Scott Brown, R-Mass
  • Sen. Susan Collins, R-Maine
  • Sen. Chuck Grassley, R-Iowa
  • Sen. Olympia Snowe, R-Maine.
  • Sen. Barbara Boxer, D-Calif.
  • Sen. Blanche Lincoln, R-AK

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