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One big way to avoid next big financial crisis…
In the most sweeping set of changes to the banking regulatory system since the Great Depression, House lawmakers approved a giant legislative bill that would increase the regulation of US financial institutions and other corporations. The measure puts limits on the power of the Federal Reserve, endorses more oversight, and creates a Consumer Financial Protection Agency.
The legislative package passed in a vote of 223-202 and imposes stronger capital cushions for the largest banks and Wall Street firms. It forces these giants to pay into an emergency fund to the tune of $150 billion that can be tapped when a troubled company needs help.
“We are sending a clear message to Wall Street, the party is over. Never again will reckless behavior on the part of the few threaten the fiscal stability of our people,” said House Speaker Nancy Pelosi during a press conference after the bill passed. “The legislation will finally protect Main Street from the worst of Wall Street.”
On the other side of Capitol Hill, the senate is not expected to act until 2010 making the final passage months away.