House passes financial regulation overhaul

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The House has passed a sweeping overhaul of financial regulations that would govern Wall Street and reconfigure the power of the agencies overseeing the nation’s banking system. The vote was 223-202.

The legislation is a priority of President Obama’s. It is designed to address the shortfalls that led to last year’s calamitous financial meltdown.

New powers would give the federal government the right to break up big risky companies. It also would create a consumer agency to police lenders.

Obama did not get everything he wanted. The legislation diluted some of his administration proposals. The legislative activity now moves to the Senate, which is not expected to act on a regulation bill until early next year.

--Associated Press