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| Version 3 | Version 4 |
|---|---|
| US House backs financial reform | US House backs financial reform |
| (31 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 victory for President Obama who has 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. |
| 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 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 would give 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 hopes to strengthen 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 $600 trillion market in products called derivatives are also included. | Plans to regulate the vast $600 trillion market in products called derivatives are also included. |
| The Federal Reserve would be given powers to oversee large firms at risk of collapse. | |
| The Government Accountability Office, the investigative arm of the US Congress, would also be given more power over the Federal Reserve. | |
| 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." | 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 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. | All of the chamber's Republican's along with 27 Democrats voted against the bill. |