Senate Passes Financial Reforms Bill 59-39

The Senate passed its version of the mammoth financial services reforms bill, the Restoring American Financial Stability Act, S.3217, in a 59-39 vote on an evening of May 20, according to C-Span.

The vote was largely along party lines although two Democrats voted against it, and four Republicans voted for it, C-Span reported. It was a swift move that took many watchers by surprise, as the Senate voted for cloture in the afternoon of May 20, and then with debate cut off, passed this version of the legislation. The Senate and House now will have a conference to reconcile their respective versions of financial reforms.

Comments? Please send them to kmcbride@wealthmanagerweb.com. Kate McBride is editor in chief of Wealth Manager and a member of The Committee for the Fiduciary Standard.

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