House Passes Sweeping Financial Reform Package

Law360, New York (December 12, 2009, 12:10 PM EST) -- The U.S. House of Representatives on Friday approved broad legislation to strengthen and reform federal oversight for a vast array of financial products, services and institutions, advancing Democrats' attempt to close regulatory gaps that contributed to 2008’s economic crisis.

House members voted 223-202 to send forward H.R. 4173, the Wall Street Reform and Consumer Protection Act of 2009, an omnibus collection of bills constituting the Obama administration's outline for regulatory reform, which has undergone extensive challenges and change en route to the House floor.

The bill...
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