House passes historic Wall Street overhaul
WASHINGTON — The US House of Representatives gave its final approval Wednesday to the biggest overhaul of Wall Street rules since the Great Depression of the 1930s, leaving the landmark bill in the Senate’s hands.
Lawmakers voted 237-192, largely along party lines, for the compromise legislation that President Barack Obama has made his top domestic priority — and a weapon for bludgeoning his Republican foes ahead of November elections.
The US Senate was expected to take up the measure after the week-long July 4 recess, amid an 11th-hour hunt for the 60 votes needed to ensure passage over any Republican parliamentary delaying tactics.
“The party is over, no longer again will recklessness on Wall Street cause joblessness on Main Street,” Democratic House Speaker Nancy Pelosi said shortly before the vote.
“No longer will the risky behavior of the few threaten the financial stability of our families, our businesses and our economy as a whole,” she said.
But Representative Eric Cantor, the number two House Republican, denounced what he called “a clear attack on capital formation in America.”
“It purports to prevent the next financial crisis, but it does so by vastly expanding the power of the same regulators who failed to stop the last one,” Cantor said.