IPFS News Link • Economy - Economics USA
New New Deal: House passes sweeping financial regulation
• McClatchy NewsThe Wall Street Reform and Consumer Protection Act of 2009 would, among other things, create a mechanism for government to dissolve huge globally interconnected banks; provide first-ever regulation of exotic financial instruments called derivatives; rein in excessive speculative investment on Wall Street; require banks to set aside more capital in reserve; eliminate the much maligned Office of Thrift Supervision; give shareholders a greater say on executive pay; and tighten supervision over credit-rating agencies who sold out investors.