1. Global Economic Watch
Money and the Financial System
May 20, 2010

2. House
The Wall Street Reform and Consumer Protection Act, addresses some of the most egregious problems raised by the Lehman Brothers’ failure, which precipitated the costly taxpayer bailout put forward by President Bush in 2008.

3. Senate
Senate Banking Committee Chairman Chris Dodd (D-CT) tonight hailed Senate passage of the bill to bring accountability to Wall Street.

4. Reconciliation
House Financial Services Committee Chairman Barney Frank (D-MA):
“I congratulate Senator Dodd on an impressive act of legislative leadership, and I also congratulate Majority Leader Reid for pushing this through. The two bills are very similar, and the House is ready to go to conference to work out the remaining issues.  I am confident that we can have a bill ready for President Obama’s signature very soon." 

5. Discussion Why Senator Dodd hailed the reform passage?
Why financial regulation is necessary?
Why many opposed regulation?
It will raise the cost of consumer credit and make it more scarce, and weaken the financial system, as well