The US Senate approved a sweeping Wall Street reform bill on Thursday night, the biggest overhaul of financial regulation since the 1930s. Art Cashin, director of floor operations at UBS, shared his insights on the bill.
“People are concerned,” Cashin told CNBC.
“They think it will tighten credit availability, hurt recovery and hurt people who need the credit the most, such as small companies.”
Additionally, Cashin is worried about issues around the world, in addition to Greece’s sovereign debt crisis.
“We morphed from worrying that Greece was going to be the Bear Stearns of the nation to now being concerned about the viability about the global banking system one more time—and that’s not a nice place to be.”
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More Market Views:
- Pros Take on Senate Finance Reform Passage
- Stocks to Tumble Another 20%, Stick to Cash: Roubini
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Top Financial Firms:
Goldman Sachs
JPMorgan Chase
Morgan Stanley
Citigroup
Bank of America
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Disclosures:
No immediate information was available for Cashin or his firm.
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