Brian Beutler has the details at Talking Points Memo:
By a vote of 237-192, the House of Representatives this afternoon voted to pass final legislation dramatically changing the rules that govern the financial industry. Nineteen Democrats joined 173 Republicans in opposing the legislation, which, in addition to limiting the risky practices that lead to the 2008 collapse, will create a new federal agency dedicated to protecting consumers from predatory financial products, and bring to a close the Troubled Asset Relief Plan -- the bailout program created by the Congress in the midst of the financial crisis. Three Republicans voted for the bill, and four members (two Democrats, two Republicans) did not vote. The Senate is set to take up identical legislation shortly after they return from next week's Independence Day recess.
The NY Times story is here.
Does the legislation still contain the preemption language which allows OCC to preempt state consumer laws without providing an alternative? If so, I don't believe the tradeoff is remotely worth it for this largely meaningless legislations.
Posted by: James Torres | Thursday, July 01, 2010 at 02:23 PM