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House and Senate agree on Wall Street bill as dawn breaks at Capitol
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Contributor | Brandonius Maximus |
Last Edited | Brandonius Maximus Jun 25, 2010 09:34am |
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Category | Proposed Legislation |
Author | Silla Brush |
News Date | Friday, June 25, 2010 03:00:00 PM UTC0:0 |
Description | Congress early Friday moved to the brink of passing a landmark overhaul of Wall Street, which would hand President Barack Obama a major victory ahead of the midterm elections.
A 43-member conference of House and Senate lawmakers finished the bill just after 5:30 a.m., after a marathon, all-night session of deal making, lobbying and scores of votes. The 2,000-page bill aims to prevent taxpayer-funded bailouts and revamp regulation of mortgages, credit cards, broad financial system risks and the $600 trillion derivatives market.
The conference committee action resolved differences between House and Senate versions of the legislation and set up final votes for next week. The House planned to hold a final vote as early as Tuesday. Democrats vowed to send the legislation to Obama’s desk before the July 4 recess. |
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