Senator Carl Levin sees financial reform in 2009

[ProSense]

Senator Carl Levin sees financial reform in 2009

Mon Oct 19, 2009

WASHINGTON (Reuters) - Public anger at Wall Street abuses will fuel the push for financial regulation reform and hopefully lead to a deal by year end, a senior Democratic senator said on Monday.

Senator Carl Levin said the Senate has strong momentum to complete the broad reform, which is expected to include the creation of a new consumer protection agency, increased regulation of derivatives and empowering regulators to police risks to the financial system.

"There's a lot of anger out there, and it's justified," Levin told the Reuters Washington Summit. "I believe it's going to help."

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So far the Senate, occupied with healthcare reform, has been slow to move on more than a dozen proposed financial reform bills that the administration has sent to Congress.

The House has been more deliberate in setting a timeline, and has pledged to have a full House vote on financial reform next month.

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Obama wins first financial reform victory in months

[AndyA]

1. And the powers that be on Wall Street are so brazen, or greedy, or stupid, or whatever,

that they just keep throwing fuel on the fire. Closing accounts with little or no warning. Adding new fees. Raising interest rates.

I guess they expect the public to just do nothing...like we have in the past.

Thankfully, I think that giant is finally awake, hopefully never to blindly trust again. It's about time.