Friday, December 11, 2009
After three days of floor debate, the House voted, 223-202, to overhaul government regulation of the financial markets. Among the bill's notable features:
- Heightened supervision of large financial institutions, including higher capital and liquidity requirements (through a newly created Financial Stability Council);
- New goverenment authority to break up institutions "too big to fail;"
- New government authority to handle failures of large financial services firms;
- Establishment of a Consumer Financial Protection Agency (despite a Democratic bid to kill it);
- Regulation of OTC derivatives;
- Shareholder advisory vote on executive compensation;
- Registration of hedge fund advisors.
No Republicans supported the legislation, and 27 Democrats voted against it. The focus now turns to the Senate and its consideration of parallel legislation.
The House Financial Services Committee press release describing the legislation is here.
For media coverage, see: