The Highlights Of The Financial Reform Bill (PHOTOS)

Congress just passed a sweeping overhaul of America's financial regulatory system.

The financial bill cleared the Senate by a vote of 60 to 39, and is to be signed into law by President Obama next week.

Among its other provisions, the 2,300-page piece of legislation creates a consumer protection office housed within the Fed, it establishes a registered derivatives exchange that will shed light on an otherwise opaque market, and it expands regulators' authority to limit risk-taking and break up ailing financial firms and institutions that threaten the economy. But that's not all.

The bill contains a plethora of regulatory repairs. For those of us who don't have time to read the entire 2,300-page document, here's the Associated Press has put together some of the main highlights from the new-born bill.

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A 10-member council of regulators led by the treasury secretary would monitor threats to the financial system. It would decide which companies were so big or interconnected that their failures could upend the financial system. Those companies would be subject to tougher regulation. If such a company teetered, the government could liquidate it. The costs of taking such a company down would be borne by its industry peers. The council could overturn new rules proposed by the consumer protection agency. That's supposed to happen only to rules deemed a threat to the financial system. --The Associated Press

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A 10-member council of regulators led by the treasury secretary would monitor threats to the financial system. It would decide which companies were so big or interconnected that their failures could upend the financial system. Those companies would be subject to tougher regulation.

If such a company teetered, the government could liquidate it. The costs of taking such a company down would be borne by its industry peers.

The council could overturn new rules proposed by the consumer protection agency. That's supposed to happen only to rules deemed a threat to the financial system.
--The Associated Press

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