The US House passed today far-reaching financial reform since the Great Depression, aimed at avoiding the massive failures of Wall Street that threw the economy into a Great Recession. The vote in the House was along party lines, 223–202, with no Republicans voting for the bill. It now heads to the Senate.
AP: The sprawling legislation would give the government new powers to break up companies that threaten the economy, create a new agency to oversee consumer banking transactions and shine a light into shadow financial markets that have escaped the oversight of regulators.
While a victory for the administration, the legislation dilutes some of President Barack Obama’s recommendations, carving out exceptions to some of its toughest provision. The burden now shifts to the Senate, which is not expected to act on its version of a regulatory overhaul until early next year.
Speaker of the House, Nancy Pelosi, speaking after the bill’s passage, summed it up this way, “The party is over. Never again will the reckless behavior of a few threaten the fiscal stability of our people.”
