President Obama says the reforms would “hold wall street to account”. There are at the white house discussing it. They are discussing it cause they might be making bets on markets.
Legislators stayed up all Thursday of non stop negotiations to reconcile separate versions of the bill of rights. The debate only ended at 0540 Washington time (0940) with compromises reached all major points. The bill represents a second major legislative victory this year for President Barack Obama – following healthcare reform - and rode a popular backlash among Americans voters against Wall Street.
The US Congress is dominated by President Obama’s Democratic part which holds majorities in both houses. Agreement was also reached on higher capital requirements for banks. This means banks will ether need to do less risky lending or they will have to raise more money.