U.S.House approves historic overhaul of financial regulations (2)

11:03, July 01, 2010      

Email | Print | Subscribe | Comments | Forum 



Traders work on the floor of the New York Stock Exchange June 30, 2010. Wall Street ended first half of the year on bitter note on Wednesday, with all three major indexes closing at new 2010 lows. (Xinhua/Reuters Photo)

The over 2,000 pages legislation, the most ambitious rewrite of financial regulations since the Great Depression in 1930s, aims to curb Wall Street's high-risk practices blamed for the global economic meltdown of 2008, solve the systemic risk of the "too big to fail" problem among financial firms, and create a consumer protection agency to better protect Americans.

According to the mammoth legislative package agreed by the lawmakers, big banks should divest certain derivatives units, such as those trading credit-default swaps, into separately capitalized affiliates.

The consumer protection agency would supervise and regulate mortgage and credit-card products, including payday lenders and check cashiers.

The Obama administration launched its financial regulatory reform proposal in June 2009. The House passed its version of the bill last December. The new bill on Wednesday combines the House bill with one passed by the Senate last month.

Democratic lawmakers hailed the bill a historic victory.

"Never again, never again should Wall Street greed bring such suffering to our country," declared House Majority Leader Steny Hoyer.

However, Republicans portrayed the bill as a vast overreach of government power that would do little to prevent future bailouts of failing financial institutions.
【1】 【2】 【3】

(Editor:张茜)

  • Do you have anything to say?

双语词典
dictionary

  
Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • A fallen tree is seen on a road in Qionghai, south China's Hainan Province, Sept. 29, 2011. Typhoon Nesat was predicted to land in Hainan later Thursday, bringing heavy rainfalls to the island. (Xinhua/Meng Zhongde)
  • A man visits "Thy Word Is Truth, the Bible Ministry Exhibition of the Protestant Church in China", during its opening at Mount Vernon Place United Methodist Church in Washington DC, capital of the United States, Sept. 28, 2011. Through the Bible's various Chinese versions, ancient or modern, as well as pictures, paintings, calligraphy, art works and historical documents, the exhibition was expected to give an overall understanding of how Bible was brought into China, how it was translated, published, distributed and loved. (Xinhua/Zhang Jun)
  • A visitor passes by in the exhibition of Istanbul design week on Sept. 28, 2011 in Istanbul, Turkey. Istanbul design week will be hosting designers and design exhibitions from around the world in Istanbul from Sept 28 to Oct 2 with the participation of 25 countries. (Xinhua/Ma yan)
  • Red flag flies at the Jiuquan Satellite Launch Center in northwest China's Gansu Province, Sept. 28, 2011. A spokesperson with China's manned space program said Wednesday that fuel has been injected into the Long March-2FT1 carrier rocket in preparation for launching the Tiangong-1 space module Thursday evening as planned. (Xinhua/Wang Jianmin)
  • A militant loyal to the Libyan National Transitional Council (NTC) waves in a tank near Bani Walid, one of the pro-Muammar Gaddafi strongholds, on Sept. 28, 2011. (Xinhua/Hamza Turkia)
  • Jewish worshippers pray at the Western Wall, Judaism's holiest prayer site, in Jerusalem's Old City on Sept. 28, 2011, ahead of Rosh Hashanah, the two-day Jewish new year which will begin at sunset on Sept. 28 and conclude at nightfall on Sept. 30. (Xinhua/Muammar Awad)
Hot Forum Discussion