Last night Congress passed a financial reform bill for Obama to take with him to the G8. He says the bill includes 90% of the changes he had proposed. For details on what aspects made the bill see Bloomberg: Biggest Wall Street Revamp Since 1930s Approved. For a top 10-point summary see: Here are the key points you need to know.
I don't expect miracles out of this bill, but I do think that a few of the key changes will help restore some desperately missing oversight and regulation on the financial sector. I also think certainty and clarity on the overhaul will help markets to re-price and reassess future growth which is one of the many steps needed to get the world economy back on a sustainable path.
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