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World News

Senate passes sweeping financial overhaul bill

Congress passed fundamental new controls on U.S. banks and financial institutions, imposing the most stringent new curbs since the 1930s Great Depression and handing President Barack Obama his third major legislative victory.

Obama's Democrats prevailed July 15 after a year of pushing the legislation that won approval of only three Republicans in a 60-39 vote. The Senate roll call reflected the unrelenting partisanship that grips the United States with the approach of congressional elections in November.

The measure was closely watched globally for proof that Obama could deliver on his promise to crack down on financial practices that took the American financial system to the verge of collapse 22 months ago. Countries across the world are still trying to recover from the meltdown that swept through the global economy. (AP)

Shukan ST: July 30, 2010

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World News Senate passes sweeping financial overhaul bill Congress passed fundamental new controls on U.S. banks and financial institutions, imposing the most stringent new curbs since the 1930s Great Depression and handing President Barack Obama his third major legislative victory. Obama's Democrats prevailed July 15 after a year of pushing the legislation that won approval of only three Republicans in a 60-39 vote. The Senate roll call reflected the unrelenting partisanship that grips the United States with the approach of congressional elections in November. The measure was closely watched globally for proof that Obama could deliver on his promise to crack down on financial practices that took the American financial system to the verge of collapse 22 months ago. Countries across the world are still trying to recover from the meltdown that swept through the global economy. (AP) Shukan ST: July 30, 2010 (C) All rights reserved