Senate passage of Wall Street overhaul hailed by Obama (video)

For passing a sweeping overhaul of Wall Street regulations, President Barack Obama applauded the Senate on Thursday and said he looks forward to signing the... More Below... Posted by on Jul 16th, 2010 and filed under Politics.

For passing a sweeping overhaul of Wall Street regulations, President Barack Obama applauded the Senate on Thursday and said he looks forward to signing the law next week.

In remarks at the White House late Thursday afternoon, Obama said, “Because of this reform, the American people will never again be asked to foot the bill for Wall Street’s mistakes. There will be no more taxpayer-funded bailouts—period.”

By a vote of 60 to 39, the bill—which includes the most far-reaching changes in the way Wall Street operates since the Great Depression—passed the Senate.

There is evidence that Wall Street has lost many of its fears of the bill during the months of negotiations that led to its final form.

Executive recruiters were reporting that investment bankers and traders are back in demand despite some industry sentiment that regulatory reform would cramp Wall Street’s ability to thrive. A Fed survey showed, hedge funds are getting more margin as banks loosen lending standards. Also, the Wall Street Journal reported Thursday that the world’s banks appear to be winning a reprieve from tough new capital requirements.

(Thanks to ABC News and Pete Souza)

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