Senate Passes Historic Bill

Here's hoping there won't be another repeat of the global financial crisis that rocked the world economy in 2008. On Thursday night, the Senate passed the financial regulatory bill, meant to prevent a repeat of the 2008 crisis. The bill will reshape some federal agencies and give more powers to the Federal Reserve. The next step will be for Democratic congressional leaders and the Obama administration to combine the Senate and House versions of the bill; the House passed its version in December. President Obama, who is placing financial regulation on par with his health-care program, has intimated he will have a strong hand in developing the final version of the bill. Republicans continued to voice concern over the growth of the government, and others have said the bill focuses too much on the past and leaves the financial system still vulnerable to future crises.