US closer to passing real Financial Reform Bill

A day after the US Congress passed the landmark Healthcare Reform Bill, the US President, Barack Obama, on Tuesday said his administration is a step closer towards the passage of the real Financial Reform Bill.

"We are now one step closer to passing real financial reform that will bring oversight and accountability to our financial system and help ensure that the American taxpayer never again pays the price for the irresponsibility of our largest banks and financial institutions," Obama said in a statement to congratulate Senator Chris Dodd, Chairman of the powerful Senate Banking Committee.

"By creating a new consumer agency, we will finally set and enforce clear rules of the road across the financial marketplace," he said.

"As this bill moves to the floor in the coming weeks, will continue to fight to strengthen the bill and against attempts to undermine the independence of this agency," he said, adding that

he will oppose efforts to add loopholes that could harm consumers or investors, or that allow institutions to avoid oversight that is critical for financial stability.

"I urge those in the Senate who support these efforts to resist pressure from those who would preserve the status quo and to stand up for long overdue reform that will protect American families and the long-term health of our economy," Obama said.

Earlier, Treasury Secretary Timothy Geithner, said this is a good day for cause of a financial reform after the Senate Banking Committee's passage of the Restoring American Financial Stability Act of 2010. "I would like to commend Chairman Dodd for his leadership over the past year and his Committee, which today voted a strong reform bill to the floor," Geithner saiid. "We look forward to working with the full Senate to pass a bill that provides strong protection for consumers, strong constraints on risk taking by large institutions, and strong tools to protect the economy and taxpayers from future crises," he added.