Wall Street Reforms

Wall Street is a street in Lower Manhattan, New York City, New York, the U. S. It is home to the New York Stock Exchange (´º¿åÁõ±Ç°Å·¡¼Ò), the world¡¯s largest stock exchange by market capitalization of its listed companies. Wall Street usually represents the financial center not only of the U.S. but also of the world. So, what¡¯s happening in Wall Street influences the world financial market as well as the U.S. financial market. The financial meltdown due to the subprime mortgage loans in the U.S. in recent years has caused a worldwide financial crisis.
Last month, President Barack Obama declared victory after congressional negotiators worked all night before agreeing to a sweeping overhaul of the way Wall Street does business. Lawmakers shook hands on the compromise legislation after Obama administration officials helped broker a deal that cracked the last impediment to the bill, a proposal to force banks to spin off their lucrative derivatives trading business.

The agreement now must go to the full Senate and House of Representatives for final votes and is expected to be on Obama¡¯s desk for presidential signature. This measure would be the second major legislative triumph for the president after the health care reform bill.

Obama said the bill, forged in the aftermath of the 2008 financial meltdown, represents the toughest financial overhaul since the Great Depression of the 1930s. ¡°The reforms working their way through Congress will hold Wall Street accountable so we can help prevent another financial crisis like the one that we¡¯re still recovering from,¡± said the president.