Many people were optimistic that the historic reform bill working through Congress would be signed by Independence Day. The passing of Sen. Robert Byrd made that difficult. But not to worry, with news that Sen. Ben Nelson has decided to vote for the bill, there appears to be enough votes to make the bill filibuster-proof. So reform now looks fait accompli.

Of course the big debate is still over how much teeth the law will have. We've noted that many provisions require big decisions to be made in the future, and some of the biggest ticket items--such a the Volcker Rule--will not kick in for many years. On the other hand, a new consumer financial protection agency will be born soon after the Wall Street reform bill passes. Elizabeth Warren, for one, thinks this measure is significant. She'll likely become the first head of the agency. Get ready for this debate to be continued ad nauseum as the final vote approaches. You've likely had your fill. 

For more:
- here's a Politico article

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