We asked, and our Senators answered!…Again!

On Thursday, financial reform received a green light from the Senate when it passed in a 60-39 vote. Three Republicans joined the 57 Democratic supporters for an overhaul of financial institutions that is understood to be the most substantial financial reform since the Great Depression. Among the supporters were – drum roll, please! – our very own Sens. Olympia Snowe and Susan Collins. A warm thank you to our senators for listening closely to Mainers.

The bill is filled with good things, including curbing excessive lending practices and ensuring that banks do not act irresponsibly in the pursuit of profit. Banks must be more accountable to consumers and the creation of a Consumer Financial Protection Bureau will help protect people as they navigate financial transactions. Shareholders and creditors – and not taxpayers – will bear the losses when financial institutions fail. This means small businesses are also better off. As a member of the Committee on Small Business and Entrepreneurship, Snowe had Maine in mind when she cast her vote.

Collins was a key supporter of the bill’s Financial Stability Council, which will target poor lending standards. Since women were 41% more likely to receive subprime loans, they were hurt the most by the economic downturn, so this part of the legislation is especially relevant to women.

The House has already voted for the reforms, which will now move to the White House for President Obama to sign. Let’s all join in sending vibes of gratitude to Snowe and Collins for their help!