It was 2007 when the economy of the United States took a devastating turn for the worse, resulting in a stock market crash and record high unemployment levels. Bailouts were handed out and trillions of dollars spent on recovering the situation to a manageable state.

In the last few months, a great deal of attention has been spent on how to heal the open wound the United States received from the recession, but now, after three years, the attention has shifted on how to reform the current economic system to prevent a meltdown of this scale from happening again.

A massive economic reform bill is currently winding its way through Capitol Hill. This bill, which was spear-headed by Senate Majority Leader Harry Reid, is open to debate in the Senate with hopes of passing the bill within the next week.

This bill includes a complete overhaul of current regulations placed on economic practices. At the root of the bill are stricter regulations being placed on the banking and mortgage industry, who have come under great scrutiny from the Democratic Party. In turn, these companies have started their own offensive against the party in hopes that some of these regulations be lifted - for example, the limiting to the size of any individual banking firm. Coming out ahead in this battle is the Republican Party. They have gained hundreds of thousands of dollars from these companies in hopes that they will battle hard against the bill.

Despite this extra support against the bill, Democratic Senators Amy Klobuchar and Al Franken expect the bill to easily pass through the Senate.

“I’m expecting a complete bipartisan pass of the bill,” said Senator Klobuchar during a Tuesday morning interview.

Senator Franken felt the same about the situation saying there is ”No overall opposition.” He continued to say that “Everybody understands that this reform is needed, just how much reform is the question.”

It appears to be evident that some sort of massive reform should be expected to come out of the legislature in the coming weeks. The bill is considered to be absolutely necessary to protect our nation from corporate greed and misguidance. Senator Klobuchar referred to the fact that we are still running on the same regulations that were in place during the recession, which makes this bill even more important.

Regardless of the fact that some sort of reform bill needs to be passed, we should expect a long process from beginning to end.

“Its a big bill, so it’ll take a long time,” said Senator Franken. He also stated that the delaying by select politicians is not helping things move along either.

What is certain is that reform will be coming to tUnited States throug Wall Street. However, the extent of the reform and the time it will take place are unknown. Now that things seem to be straightened out and the economy is back on the rise, it is clear that the overall agenda of Washington D.C. is to prevent this from happening again.