US reform bill gets key vote
THE US House of Representatives yesterday approved a landmark overhaul of financial regulations but the Senate put off action until mid-July, delaying a final victory for President Barack Obama.
Still, the 237 to 192 vote in the House marked a win for Obama and his fellow Democrats, who have made the most sweeping rewrite of Wall Street rules since the 1930s a top priority in the wake of the 2007-2009 financial crisis.
“That’s why were are here today, to make sure that never happens again,” House Speaker Nancy Pelosi said. “We will pass the toughest set of Wall Street reforms in generations.”
Analysts say Obama is all but certain to get the measure on his desk eventually, but Democrats’ hopes of sending a bill to him to sign into law by the 4 July Independence Day holiday were dashed. The death of Democratic senator Robert Byrd and cold feet among Republican allies has complicated efforts to round up the votes needed in the Senate.
The bill would impose tighter regulations on financial firms and reduce their profits. It would boost consumer protections, force banks to reduce risky trading and investing activities and set up a new government process for liquidating troubled financial firms.