Financial Reform Passes the Senate

House Financial Services Committee Chairman Barney Frank (D-MA) issued the following statement on the passage of the Financial Stability Bill:

“I congratulate Senator Dodd on an impressive act of legislative leadership, and I also congratulate Majority Leader Reid for pushing this through. The two bills are very similar, and the House is ready to go to conference to work out the remaining issues. I am confident that we can have a bill ready for President Obama’s signature very soon.”

It’s going to take a while to get through all of amendments to the bill to figure out what changed. (Over 400 were proposed.) Senator Dodd still can add a “manager’s amendment” which is supposed to only make technical changes, but often has substantive changes.

As my Congressman Frank states, the House and the Senate need to hash out a compromise bill that both can pass.

The New York Times has a great chart highlighting some of the differences on the big items.