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US House passes financial regulatory overhaul
(Xinhua)
Updated: 2009-12-12 04:25
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WASHINGTON -- The U.S. House of Representatives passed on Friday the most sweeping financial regulatory overhaul in more than 70 years, a crucial step for one of the Obama administration's key reforms.
The legislation, passed by a vote of 223-202, was designed to address the shortfalls that had led to the worst financial crisis since the Great Depression of the 1930s.
Again, it is a victory of the Democratic-dominated Congress. No Republicans voted for the bill; 27 Democrats voted against it.
The bill expands the government's power to break up companies that threaten the economy, and creates a new agency to oversee consumer banking transactions, including credit card and mortgage.
The legislative activity now moves to the Senate, which is not expected to act on a regulation bill until early next year.
