After huge rounds of negotiations over the financial bill, President Obama finally managed to get it through on Friday at 5:40 a. m. The legislation has brought with it the victory signs for the regulators who had long been struggling to convince the opponents.
A number of congressmen, including Paul Kanjorski hailed the bill and honored it like Dodd-Frank Act.
The bill will enable the Federal Reserve to regulate the leading financial institutions across the nation in a better way and with greater authority.
The Treasury Department will take charge of the Financial Stability Oversight Council, which will control the activities in the financial companies, monitoring any unjustified hike in the premiums or reduction in benefits.
The bill has somewhat disappointed the banks, as it has not mentioned anywhere the powers that the banking officials will hold.
“There's no magic bullet, so they need to be small enough to fail", said former International Monetary Fund Chief Economist, Simon Johnson.
There is a likelihood that the regulators will look into the matter and define the authority of these bankers. The details will be provided in the forthcoming weeks.
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