House Votes to Tighten Wall Street Regulation
David Sessions
Washington Reporter
Posted:
12/11/09
The House of Representatives voted Friday to dramatically expand regulation of Wall Street and the finance sector, the New York Times reports. The 223-202 vote approved a bill that would create a new consumer protection agency, place tight limits on the financial products that caused the financial crisis, and attempt to keep several large companies from determining the fate of the economy.
"The Senate is working on similar legislation, and I urge both houses of Congress to pass this necessary reform as quickly as possible on behalf of the American people," President Obama said, responding to the House action in a statement. "I look forward to signing a strong bill that establishes and enforces clear rules."
The vote, viciously opposed by Republicans, was the most significant step toward responding to what Democrats argue was caused the financial meltdown last year: reckless risk-taking in an under-regulated playing field. Republicans said the bill would restrict the availability of credit and lead to more job losses and bailouts.
"The Senate is working on similar legislation, and I urge both houses of Congress to pass this necessary reform as quickly as possible on behalf of the American people," President Obama said, responding to the House action in a statement. "I look forward to signing a strong bill that establishes and enforces clear rules."
The vote, viciously opposed by Republicans, was the most significant step toward responding to what Democrats argue was caused the financial meltdown last year: reckless risk-taking in an under-regulated playing field. Republicans said the bill would restrict the availability of credit and lead to more job losses and bailouts.