• the217
• Life
• Was the passing of the financial overhaul bill a good thing?

Related Media

Related Articles

• What do you think of the Tea Party Movement?
• Would you bring home a dog regardless of where it came from?

On July 14, the Senate passed a new bill, creating a Consumer Financial Protection Bureau. This bill will give government officials within the Bureau the authority to shut down failing financial institutions that pose a potential threat to the banking system. It would also have stricter capital regulations on financial firms and the over-the-counter derivatives market. The legislation met heavy resistance from Wall Street and Republicans (who voted against the legislation 38 to 3) but was eventually passed 57 to 1 by Senate Democrats. As for Champaign-Urbana students and residents, they seem divided on the issue. While some are concerned with their personal finances, others are concerned with the hike in tax dollars a new department would create.

“I think that since our economic problems were mostly caused by the financial system and Wall Street, this bill is essential to ensure it doesn’t happen again.”- Elizabeth Hutchinson, Senior in Choral Music Education

“I think it has its heart in the right place. It just seems like overkill to create a whole new department. Obama’s justification is protecting the public in case this ever happens again, but really we’re still paying, just spread out over a period of time.”- Jason Senchina, Sophomore Graduate Student in Musicology

“I think it’s stupid. If a person is taking out a loan that they can’t pay back then it’s their own fault. It’s not really the government’s responsibility to watch everyone’s finances.”- Joe Laskowski, Senior in Molecular Cellular Biology

“I do think that we need to figure out some new regulations. I’m hoping this is the way to go. I think it’s a good thing that they passed this bill. I think it’s important legislation.”- Bunny Berg, Resident of Urbana

“I think it’s necessary for financial institutions to be held accountable for their actions. As somebody with loans and a lot riding on our economic status, it’s important that the people regulating the money handle it responsibly.”- Eileen Podlasek, Senior in Community Health