House Passes Sweeping Bank Reform

December 11, 2009

House lawmakers have approved the most significant increase in the regulation of U.S. banks and other corporations since the Great Depression.  The bill places new restrictions on the nation’s biggest banks, reins in the Federal Reserve and provides more help for troubled homeowners.

Also, lawmakers narrowly defeated a bipartisan effort to destroy a proposed Consumer Financial Protection Agency and replace it with a weaker council. The proposed consumer agency would supervise and regulate mortgage and credit card products including pay-day lenders and other lenders that have so far escaped regulation.

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