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US House backs financial reform US House backs financial reform
(30 minutes later)
The US House of Representatives has approved the most sweeping changes to the country's financial sector since the Great Depression of the 1930s.The US House of Representatives has approved the most sweeping changes to the country's financial sector since the Great Depression of the 1930s.
The 223 to 202 vote is a major victory for President Obama who made financial reform one of his main goals. The 223 to 202 vote is a victory for President Obama who has made financial reform one of his main goals.
It creates a new agency to monitor consumer banking transactions and gives the government new powers to break up companies that threaten the economy. The bill aims to create a new agency to monitor consumer banking transactions and give the government powers to break up companies that threaten the economy.
The US Senate will have to pass the bill before the president can sign it.The US Senate will have to pass the bill before the president can sign it.
The legislation gives regulators the power to dismantle the companies in a way which ensures shareholders and unsecured creditors, not taxpayers, bear the losses. The legislation would give regulators the power to dismantle the companies in a way which ensures shareholders and unsecured creditors, not taxpayers, bear the losses.
It also strengthens the powers of the Securities and Exchange Commission to detect irregularities that could provide an early warning of fraudulent investment schemes. It also hopes to strengthens the powers of the Securities and Exchange Commission to detect irregularities that could provide an early warning of fraudulent investment schemes.
Plans to regulate the vast market in products called derivatives are also included. Plans to regulate the vast $600 trillion market in products called derivatives are also included.
President Obama welcomed the passing of the bill, calling it "another important step closer" to the comprehensive overhaul of the financial system which he had promised voters during his electoral campaign. President Obama welcomed the outcome of the vote, calling it "another important step closer to necessary, comprehensive financial reform that will create a more stable financial system."
He also called on the Senate to pass the legislation as quickly as possible. He called on the Senate to pass the legislation as quickly as possible.
The president has blamed Wall Street and government failures for the financial crisis.The president has blamed Wall Street and government failures for the financial crisis.
He said reforms should promote sound investment, encourage competition and innovation and prevent a crisis from recurring.He said reforms should promote sound investment, encourage competition and innovation and prevent a crisis from recurring.
All of the chamber's Republican's along with 27 Democrats voted against the bill.