U.S. Congress about to give Obama the Wall Street reform

The Senate on Thursday to pronounce on the further reform of financial regulation in the U.S. since the 1930s, in a vote that put an end to a long debate in Congress and President Barack Obama will provide a crucial legislative victory.

The final text of more than two thousand pages of the law, "Dodd-Frank" - the name of its principal authors, Senator Chris Dodd and Rep. Barney Frank - was designed to try to prevent another crisis like that of 2008 that precipitated the U.S. economy into the abyss.

President Obama, personally involved in the ongoing reform debate this for almost a year, once again encouraged the Senate on Tuesday to act "quickly" so that they can sign it into law next week.

A first vote on closure of the debate took place on Thursday morning, and the final vote could come quickly if the Republicans gave up to thirty hours of debate that should follow every vote closing.

"We will finish this bill" this week, said Tuesday to the press the head of the Democratic majority in the Senate, Harry Reid.

The text, which seeks to extend regulatory control to whole sections of finance which escaped him, notably the creation provides a body of financial consumer protection within the Federal Reserve (Fed), and prevents the rescue large financial institutions at the expense of taxpayers.

The House of Representatives has approved on 30 June by 237 votes to 192 the final text common to both chambers, the result of intense negotiations bicameral.

Earlier this week the Democratic majority, which controls 58 seats out of 100 in the Senate, was the accession of three Republicans - Olympia Snowe, Susan Collins and Scott Brown - which enabled him to gather the 60 votes necessary for approval text.

But the other 38 Senate Republicans are determined to mark their opposition to this bill, noting in particular that gives too much power to regulators, which failed to prevent the financial crisis.

When the unemployment rate remains historically high in the United States in about 10%, Obama and Democrats have criticized Republicans for months before the midterm elections in November because of his opposition to reform.

The adoption of this reform will be a second major legislative victory for Obama this year, after the reform bill of health coverage in March.

Among the other highlights of the proposed measures include a provision for better control of the vast market for derivatives traded mutual agreement. These tools were speculative in the center of the latest U.S. financial crisis.

The text also contains a measure called the "Volcker rule" by the name of Obama's economic adviser, Paul Volcker, whose idea is to keep commercial banks away from the "temptation" to take risks to focus on their activities credit.

The project also creates a supervisory board of financial stability. However, the reform was watered down by last-minute commitments. Commercial banks may for example continue to market certain investment products.