Today, the 2,300-page Dodd-Frank Wall Street Reform and Consumer Protection Act moves ever closer to becoming law. Last night, the Senate voted 60-38 to end debate about the financial regulation bill.
What's next? One final vote in the Senate today at 2 p.m. After that, President Obama signs it into law.
Feel like you've heard about it before? You're right. Financial reform has been a rallying cry for two years, since the economy took a nosedive and unemployment jumped in the fall of 2008, thanks to Wall Street's actions. And, in case you weren't around in the Great Depression, this is the biggest overhaul of Wall Street since.
We've spoken before about what it means for financial literacy, but this is a rich document that is worth learning more about. It has provisions addressing female and minority employment as well as an addendum to curb minerals sourced from places subsidizing conflict in some particular African countries. While Wall Street may be the overarching focus of the bill the implications are far bigger.
This is great time to both educate yourself on it and brush up on the financial basics.
What do you think of the bill?