Credit card debt, financial reforms pass Congressional test

By Oscar Monfort on Jul 16th, 2010

More consumer protections for credit card debt and other loans are on the way as the Senate passed far-reaching financial reforms.

The Wall Street reform bill made it through Congress after the Senate affirmed it in a 60-39 vote. The measures now move on to President Barack Obama's desk.

Once signed, the new Consumer Financial Protection Bureau would be formed within the framework of the Federal Reserve System. The new department would oversee offers for credit card debt and mortgages in an effort to make sure Americans are being offered products with fair terms.

"We're giving Wall Street the strongest oversight it's ever had - not to stifle it, but to safeguard us," said Senate Majority Leader Harry Reid.

Efforts to amend financial regulations began in earnest as the House passed its own version of reforms at the end of last year. The Senate made its own changes to the measure, and eventually leaders from both branches of Congress met to iron out differences.

In addition to keeping tabs on offers for credit card debt, banking institutions would be subject to more federal control, including the possibility that they could be divided to prevent wide-spread economic failure.

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