U.S. Congress Passes Wall Street Regulation Bill
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The U.S. Senate passed the biggest overhaul of financial-industry regulation since the Great Depression, sending a bill inspired by the 2008 credit crisis to the White House for President Barack Obama’s signature.
Senators voted 60-39 today in favor of the top-to-bottom rewrite of rules governing Wall Street firms, ending a year of partisan wrangling over protections for consumers and investors. The bill aims to prevent a repeat of an economic collapse that led to the failures of Lehman Brothers Holdings Inc. and Washington Mutual Inc. and a $700 billion bailout for companies including American International Group Inc. and Citigroup Inc.