Financial reform passed by Senate

The financial reform bill was passed by the Senate. According to BBC News, "Mr Obama said the new regulation would give the strongest consumer protection in history." Well after reading about this, it seems as though it's legitimate. I agree that it will definitely provided consumers much needed protection from the various mistakes that were made during the past couple of years which caused the economy to plummet. The reform is due to "set up a powerful consumer financial protection bureau, with powers to clamp down on abusive practices by credit card companies and mortgage lenders." Hmm, this part is very interesting to me. Does this mean they will "clamp down" on credit card companies who are sending bogus credit card applications to people who are already drowning in the black sea of debt? Or is it simply stating that they will prevent credit card companies from raping the public with ridiculous interest rates? Which ever "protection" they are referring to, I am finally glad to hear that something is being done about it. The financial reform bill seems to be very well thought out which is rewarding for the US economy. Its mere promise for a financially stable economy has kept my misicble thoughts in an overcast position. My thoughts will change if the sun shines on the newly promised protection against "tax payer funded bailouts." To read more about it go to BBCNews. I suggest you also read the "Q & A: US Bank Regulation" section in order to help you understand some of the logistics of the reform.