House of Representatives Passes Finance Rules Overhaul Bill
The House of Representatives passed the "The Wall Street Reform and Consumer Protection Act of 2009" (HR 4173) today in a vote of 223-202. The legislation creates the Consumer Financial Protection Agency, a council of regulators tasked with identifying companies that the federal government deems as so interconnected with other large companies that its failure would endanger the U.S. economy as whole, and addresses other financial areas like derivatives, hedge funds, lending practices, and dissolution of failing companies. The Senate is currently drafting its own bill on the same subject matter.
Click here for the House Financial Services Committee's press release, click here for HR 4173, click here for the bill's summary, and click here for the Treasury Department's press release.
