KXLH: Senators Baucus, Tester react to financial reform bill

The U.S. Senate has passed a sweeping financial overhaul bill on a 59-39 vote. The legislation, which is aimed at preventing another financial situation like the one that has rocked the confidence of investors over the last year, must now be merged with a House version.

A key House negotiator predicts the bill will reach President Obama’s desk by the the first week of July.

Montana’s senior U.S. Senator Max Baucus released a statement about passage of the measure, saying that, “This legislation will hold Wall Street accountable, protect Main Street, and end taxpayer bailouts. Now, we will be able to crack down on Wall Street’s risky behavior and make sure that everyone plays by the rules so taxpayers won’t be left holding the bag.”

Fellow Senator Jon Tester, who’s a member of the Senate Banking Committee, had been pushing for provisions that “meet the needs of rural America-especially Montana’s community banks and small businesses,” according to a press release.

The Senate unanimously passed Tester’s amendment to make sure community banks only pay what some consider their “fair share” for federal bank insurance.

“This is a big win for Main Street,” Tester said. “The bill ends taxpayer-funded bailouts, holds Wall Street accountable, and preserves the critical role community banks have in strengthening communities, jobs and small businesses.”

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