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News Link • Economy - Economics USA

New New Deal: House passes sweeping financial regulation

• McClatchy News
The House of Representatives passed legislation Friday designed to bring the most sweeping rewrite of financial regulation since the New Deal era following the Great Depression.

The 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.

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