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Senate Passes Financial 'Overhaul' Bill

Senate Passes Financial 'Overhaul' Bill --Two Democrats opposed the measure, saying it was still not tough enough. 20 May 2010 The Senate on Thursday approved a far-reaching financial 'regulatory' bill, putting Congress on the brink of approving a broad expansion of government oversight of the increasingly complex banking system and financial markets. The legislation is intended to [not] prevent a repeat of the 2008 crisis, but also reshapes the role of numerous federal agencies and vastly empowers the Federal Reserve in an attempt to predict and contain [but not stop, of course] future debacles. The vote was 59 to 39, with four Republicans joining the Democratic majority in favor of the bill.