Posted: Jul 10, 2010 3:19 PM by Chris Welty
Updated: Jul 10, 2010 3:19 PM
WASHINGTON (AP) - Big changes are in store for the financial
world from a government crackdown more than a year in the making.
Democratic leaders in the Senate are trying to secure the final
votes needed to pass legislation this coming week that would impose
the most sweeping rules on banks and Wall Street since the Great
Banks might see their bottom lines suffer. Lenders will have to
disclose more information. Borrowers will have to prove their
ability to repay. The masters of high finance will find it harder
to sidestep regulations. Government watchdogs will be under orders
to look more suspiciously at risky behavior.
Not all the changes will occur overnight once Congress gets the
legislation to President Barack Obama.