US House of Representatives passes key financial reforms
Financial reforms in the US have recently been passed in the House of Representatives to overhaul the financial system.
These reforms represent a large overhaul of the the financial regulatory system in the United States design to prevent any major future crisis such as the one that brought down so many banks and insurance companies recently. The bill will also have to go to the Senate before President Barack Obama can officially and legally sign in into law. The bill for the financial reforms was passed in the House of Representatives, by 237 votes against 192 votes.
Financial reforms were a key part of President Barack Obama’s presidential campaign and pledged in 2008 to make this one the key issues if he was to be elected to office. The bill will go the Senate around mid-July and is expected to be very close regarding whether it will be passed or not. It is possible that some Republicans who do not agree with certain aspects will attempt to stop the bill and try to make further changes. The new legislation will create a new governmental agency with the aim of overseeing consumer lending and outlining new regulations. The hope is for a more transparent financial system that will prevent a major financial crash in the future.
