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people & power
Making the banks pay
A look at the most radical financial reform bill since the Great Depression.
Last Modified: 29 Aug 2010 17:51 GMT

 

The US Congress is close to passing a financial reform bill that many are saying is the most far-reaching since the Great Depression, and will shortly send it to Barack Obama, the US president, for his signature.

Obama launched his campaign to reform Wall Street and prevent another economic meltdown late last year.

The political and lobbying battle to shape the legislation was intense. Banks and their allies spent huge amounts to defeat provisions they did not like, while unions and public interest groups took to the streets in support of the president's agenda.

It is still unclear whether the bill is far-reaching enough to prevent another financial meltdown and reduce the potential for massive systemic risk in the banking industry. Yet, one good thing has come out of this bill, the establishment of an independent agency to protect consumers.

People & Power looks back at Bob Abeshouse's report on the grassroots movement and the anger driving it that proved impossible for the US congress to ignore.

This episode of People & Power can be seen from Wednesday, June 16, 2010 at the following times GMT: Wednesday: 0600, 1230; Thursday: 0130, 1400, 1930; Friday: 0630, 1630; Saturday: 0330, 2030; Sunday: 0030, 0530; Monday: 0830.

Source:
Al Jazeera
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