Breaking News: House OKs sweeping financial regulatory bill

Date: Wed, 30 Jun 2010 17:11:43 -0600

WASHINGTON (AP) - The House of Representatives has passed a sweeping
rewrite of financial regulations, setting the stage for a final vote
in the Senate where votes for the far-reaching bill remained in flux.
The legislation creates a new federal agency to police consumer
lending, sets up a warning system for financial risks, forces failing
firms to liquidate and lays out new rules for instruments that have
been largely uncontrolled.