Democrats said Tuesday they would reopen the Wall Street reform bill in an effort to secure enough support for its passage after Sen. Scott Brown of Massachusetts, one of the few Republicans to vote for the bill, said he could no longer support it due to the inclusion of a $20 billion bank tax.
President Obama said Friday that the financial reform deal struck by members of a congressional conference committee will "strengthen our economy" and protect consumers from the excesses of the financial system.
The massive regulatory revision touches almost every aspect of the financial industry. In addition to rules aimed at trimming risk-taking among banks, the package prominently includes several new protections for consumers.