Score this a win for Congressman Paul Kanjorski.
Wall Street Regulation Reform Passes House
WASHINGTON (AP) — The House passed the most ambitious restructuring of federal financial regulations since the New Deal on Friday, aiming to head off any replay of last year's Wall Street failures that plunged the nation deep into recession.
The sprawling legislation would give the government new powers to break up companies that threaten the economy, create a new agency to oversee consumer banking transactions and shine a light into shadow financial markets that have escaped the oversight of regulators.
The vote was a party-line 223-202. No Republicans voted for the bill; 27 Democrats voted against it.
The bill includes his too big to fail amendment and creates a consumer protection agency. Typically, the party of no thinks nothing should be done to avoid another melt down like what happened last fall that has put us in the worst recession in my memory. And some progressives think the bill doesn't go far enough.
WASHINGTON -"Today marks a momentous step as we work to reform Wall Street and better protect the American people from potential future financial crises," said Chairman Kanjorski. "Last year, our economy faced its most dire circumstances since the Great Depression. We took extraordinary, but necessary action to pull the economy back from the brink, and we are now beginning to see signs of recovery. Today, the House passed legislation, with my strong support, that provides the most sweeping financial regulatory reforms in the past 75 years and holds banks accountable for their actions. While no bill is perfect, this legislation takes strong steps to help prevent the near collapse that we faced last year. It also will help us take preventative action to protect every American and our economy so that there will no longer be companies that are "too big to fail" or anymore taxpayer funded bailouts."
Click here for more information on the Kanjorski amendment to address financial institutions deemed "too big to fail."
1 hour ago