Death of a bill, birth of bill, and a trip to Canada

CSPAN1 - As one bill dies, another is born. First off, some disheartening news for democrats on Capitol Hill (NO COPYRIGHT INFRINGEMENT INTENDED!!!!!!!!!) in the Senate chamber; the Extender's Bill was voted out for the third time on Friday morning, June 25, and will be withdrawn by Senator Harry Reid. What's new on the table is the Financial Regulations Bill that was voted yes, 27-16, by the House-Senate Conference Committee earlier that morning. President Obama said that passing this bill will be one of the toughest financial reforms that have ever been made since the Great Depression.

This weekend in Toronto, the president announced on Friday that he will be meeting with the G8 and G20 nations to "coordinate our efforts to promote economic growth, to pursue financial reform, and to strengthen the global economy." On Saturday, he and other world leaders brought the G8 conference to a close.

Chairman Dodd, Chairman Frank, Chairman Peterson, Chairwoman Lincoln, and the conferees and members of both parties worked diligently on the Financial Regulations Bill towards the late hours of Thursday night, said Obama on Friday prior to his departure to Canada. He stated that the success of our economy needs a "strong, robust financial sector" to keep Wall Street in check so that we may never face another crisis like this again. "This will put in place the toughest consumer financial protections in our history, while creating an independent agency to enforce them."

In addition, this will also make certain that big banks don't partake in risky trading deals that gamble away our money. President Obama said, "We'll enact the vocal rule so that banks protected by the safety net of the FDIC can't engage in risky trades for their own profit and will create what's called a resolution authority that will help wind down firms, whose collapse will threaten our entire financial system." Just like the Titanic... there is nothing that is too big to fail.

Also, credit card companies will no longer be confusing their customers with hard-to-understand forms so that families can make the best financial decisions for themselves. Therefore, no more hidden fees, penalties, and any other kinds of sneak attacks.

Since President Obama took office 17 months ago the Economic Recovery Act was passed, Health Insurance reform, Education reform, and we are now ever so close to Wall Street reform. Let's hope for the best and hope that the president's weekend with the G-20 summit will help the global economy for years to come.