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U.S. Senate approves Obama financial reform | GNP Online
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U.S. Senate approves Obama financial reform

LAS VEGAS - JULY 09: U.S. President Barack Obama delivers a speech about the economy at the University of Nevada, Las Vegas July 9, 2010 in Las Vegas, Nevada. The state has the nation's highest unemployment rate at 14 percent, as well as one of the highest home foreclosure rates. (Photo by Ethan Miller/Getty Images)U.S. Senate approves Obama financial reform – President Barack Obama’s reform of financial markets in the United States has received Senate approval. The reform, which is the most comprehensive of the past 80 years, provides for stricter regulation of markets and gives greater control to the federal government.

The Senate approved the legislative package on Thursday and it will be signed by president Barack Obama this week. The stricter regulation of markets and greater governmental control should prevent a repetition of the near-collapse of the American financial system.

In addition to the health care reform and a multi-billion dollar stimulus package, the financial market reform represents President Obama’s third major domestic political accomplishment.

The decision was made on Thursday by 60 to 39 votes. Obama`s Democrats were able to draw three Republican senators to their side, making passage in the Senate possible.

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