Two years after the start of the housing crisis and economic downturn the U.S. Congress has passed The Wall Street Reform and Consumer Protection Act of 2009 to President Barack Obama’s desk. The final step came Thursday afternoon when the U.S. Senate voted 60-39 to pass the legislation that is Obama’s second major legislative victory.
Texas Sens. Kay Bailey Hutchison (R) and John Cornyn (R) both voted against the bill.
Jacob Goldstein raises three big questions the finance bill doesn’t address:
Which companies are subject to the bill?
For national banks, when does federal law trump state law?
How much money do banks have to hold as a safety cushion? (Planet Money)
