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Released: July 01, 2010

Financial reform bill passes U.S. House

Source: Jim Puzzanghera, L.A.Times (Free Registration)

The House on Wednesday approved the most sweeping rewrite of financial rules since the Great Depression, and last-minute changes this week appeared to solidify support in the Senate and pave the way for the legislation to reach the White House later this month. Complications prevented a Senate vote this week, meaning Congress will not meet President Obama’s July 4 deadline for signing his top legislative priority.

The 237-192 House vote split sharply along partisan lines. Only three Republicans voted for the bill — Anh “Joseph” Cao of Louisiana, Michael N. Castle of Delaware and Walter B. Jones of North Carolina. Nineteen Democrats voted against it.

Democrats charged in often-contentious debate that Republicans were protecting Wall Street from tough new regulations designed to prevent a repeat of the financial crisis and end the prospect of future government bailouts.

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