The House of Representatives passed a comprehensive regulatory framework to strengthen and tighten the financial sector regulation. It will be a good step of reassuring the consumers and investors after more than a year after the crisis of 2008.
Lawmakers approved the Democratic plan by 223 votes to 202. Now it will move to the Senate where the tough political battle waits ahead.
The Senate is not likely to submit a vote on the project before 2010.
It took three days of debates and discussions on the floor. One of the highlights of this bank reform is that it aims to set up a new agency that will oversee consumer lending. It will also establish new rules for transactions that in a way contributed to the current financial crisis.
This new banking reform will or should prevent the next financial meltdown from similar causes like the past one. It will reduce the threat that one or two big companies will drug the rest of the economy if mismanaged or on the verge of collapse.
Written by Armen Hareyan
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