Earlier, we told you about the deal reached in Congress this morning on legislation that will result in the most dramatic regulatory shakeup on Wall Street since the Great Depression. "All Americans have a stake in this bill," said Treasury Secretary Timothy Geithner. "It will offer families the protections they deserve, help safeguard their financial security and give the businesses of America access to the credit they need to expand and innovate."
From the Volcker rule to derivative regulaton to Consumer Financial Protection Bureau—a lot of new terms are about to enter the lexicon once President Obama signs the bill, which he expects to do by July 4th. But what do they all mean? If all Americans have a stake in the bill, as Secretary Geithner said, how will its expected passage impact your life?
Fortunately, The Takeaway has our own Washington correspondent Todd Zwillich and New York Times personal finance reporter Tara Siegel Bernard to provide the answers. Bernard says that consumer advocates walked away from the bill with much to be happy about, though the Obama White House and the Pentagon are disappointed by the exemption of auto loans from the Consumer Financial Protection Bureau. Zwillich tells us about the behind the scenes battle to strike the deal, and explains the ins and outs of the Volcker rule... in three minutes or less.