Now that the midterm elections are over, the shakeup in Congressional committees are about to begin. Republicans have made it clear that when they take control of the House this January, they'll be targeting several key pieces of President Obama's agenda to roll back. A number of Republicans ran on repealing the president's health care reform legislation, but far fewer of them have talked about their desire to repeal the sweeping financial regulation bill passed earlier this year. Louise Story, business and finance reporter for The New York Times, explains what this means for President Obama and consumers.

President Obama made it official yesterday: the financial overhaul bill has been signed into law. So who are the winners as this new law takes effect? Takeaway contributor Beth Kobliner believes the consumer is the real winner in financial reform, with new rules about mortgages, credit cards and student loans. However, she reminds us that car dealers are not included in the law, so it's important to stay vigilant.

Just months ago, Senator Scott Brown (R-Mass.) rode to office in a pickup truck powered by Tea Party support for his promise to be the 41st vote against health care reform. Now he's siding with Democrats on financial reform, the president's next big legislative priority. He has extracted concessions for his position, but that's not the reason he's crossing party lines. He's part of a rare breed these days: moderate Northeast Republicans. "41" is no longer the most important number for Scott Brown; it's "2012," when he faces re-election.

So Fannie Mae wants to punish so-called strategic defaulters who abandon homes and mortgages because their property is worth less than their outstanding balance. If you ditch one of Fannie Mae’s loans they will ban you from getting another such Federal loan for 7 years. Now, a lot of details on your credit report — especially the bad ones — hang around for 7 years or more. But, with the huge involvement of the Federal Government in the housing business, this new punishment could amount to something like a financial prison sentence. I wanted to look at what other infractions get a 7 year sentence. Of course comparing a mortgage default to a crime is a little rough, but here are a few details

You can get 7 years for robbing a bank, as Gregory Fielding did last month for knocking over the TD Bank in Glen Gardner, New Jersey. Having a sexual relationship with a student will get you 7 years in Buffalo, New York. That’s what former Sacred Heart Academy teacher James D.Van Valkinberg got on Wednesday. But my favorite is Miami’s Chris Scott who get’s 7 years in the big house for defrauding banks and insurers out of $200 million by hacking consumer bank numbers and passwords.

7 years: Fannie Mae says no more Mr. Nice Guy!

It still has to pass the House and Senate and be signed into law by President Barack Obama, but sweeping legislation on financial regulation is looking like it will be law soon, as both houses have reached a compromise on the language of the bill. As the President heads to Toronto this week for the G8 and G20 Summits, it will be news he can bring with him to participating countries as an example of the U.S. commitment to financial reform. How will the legislation and the President be received?

After months of debate and attacks from both sides of the aisle, the Senate passed a financial regulatory bill by a 59-39 vote, Thursday. The biggest change in the bill is the creation of an agency whose sole job is to monitor fairness of any product that is bought by the consumer. Next, the Senate and House versions of financial reform have to be reconciled and combined before heading to the president's desk, perhaps as early as the Fourth of July.

• Washington Takeout: Washington correspondent Todd Zwillich joins us with the latest on the financial reform bill, which seems to be termporarily delayed on Capitol Hill.
• Sports Takeout: Sports contributor Ibrahim Abdul-Matin recaps Game 2 of the Western Conference Finals between the Phoenix Suns and the Los Angeles Lakers in the NBA Playoffs. He also looks at yesterday's NBA draft lottery and who the lucky winner was.