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The Senate votes for financial reform, but some important issues remain unresolved

FINANCIAL reform is coming to America. On May 20th, after more than three weeks of often rancorous debate, the Senate approved the biggest overhaul of the financial system since the Great Depression, by 59 votes to 39. Its bill must now be reconciled with one passed by the House of Representatives in December. The result will be Barack Obama’s second big legislative victory of the year, after the passage of health-care reform in March.

Tim Geithner, Mr Obama’s treasury secretary, praised Chris Dodd and Harry Reid, the Democratic senators who steered the 1,500-page Restoring American Financial Stability Act to a successful vote, for their “tremendous leadership”. The administration has reason to be pleased, since the bill largely mirrors the reform blueprint it had been pushing. …

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