Sweeping reforms of Wall StreetThursday, May 20, 2010 23:06
The Us Senate is going to provide one of the most crucial overhaul of the financial system. The bill that was passed by the Senate is not going to punish the banks, as President Obama said, but “to protect the economy and the American people from upheavals that we’ve seen in the past few years”.
There will be new ways of watching for financial risks and America, as President Obama said, will not pay for “Wall Street’s mistakes” any more.
However, some skeptics say that the bill is not going to change the culture of Wall Street.
The bill is meant to increase restrains on larger banks and to make sure that borrowers can pay back their mortgages.
Wall Street will no longer be allowed to fritter away other people’s money.
On the other hand, according to Republican Sen Richard Shelby, “judgment will be rendered by the market place.”
So far, tightening the regulation of Wall Street is widely supported by the general public.