Happy Memorial Day weekend!American Flag

Last week the Senate passed the Restoring American Financial Stability Act of 2010. Its purpose is to reform the regulation of financial products and services in order to prevent further financial crisis.

To become law, the act still has to be reconciled with the House of Representative’s version– H.R. 4173 – The Wall Street Reform and Consumer Protection Act of 2009. It includes a number of measures, among them are the establishment of a Financial Stability Oversight Council to monitor systemic risk, a new resolution process for systemically important financial institutions and a new Consumer Financial Protection Bureau to prevent consumer abuse. You can watch the President’s reaction and read more about financial reform here

What do you think, should the government have a bigger role in financial oversight?