House Financial Services Committee Approves Derivative Regulation

2 years ago

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Washington Reporter

The House Financial Services Committee approved first-time regulation of derivatives, the obscure financial products linked to the 2008 Wall Street crash, the New York Times reported Thursday. The 43-26 party line vote was a major move toward approving President Obama's proposed overhaul of the financial regulatory system.

Since the bill could affect almost every American company, it is being closely followed by a large and diverse collection of lobbyists. The financial industry has already spent $220 million on lobbying this year in anticipation of the regulation. Lawmakers said the bill still has a long way to go and will likely change significantly before it reaches the floor.

"Watching sausage being made and watching legislation being made isn't always attractive," said Rep. Barney Frank (D-Mass.)

Filed Under: House, Economy

Tagged: daily guidance, DailyGuidance, financial regulation, financial services compensation scheme, FinancialRegulation, FinancialServicesCompensationScheme, house of representatives, HouseOfRepresentatives, regulation

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