House passes broad Wall Street regulatory overhaul

House passes broad Wall Street regulatory overhaul: "

WASHINGTON (AP) — A year after Wall Street failures plunged the nation into recession, the House on Friday passed the most ambitious restructuring of financial regulation since the New Deal.

The sprawling legislation gives the government new powers to break up companies that threaten the economy, creates a new agency to oversee consumer banking transactions and shines a light into shadow financial markets that have escaped the oversight of regulators.

The vote was a party-line 223-202.

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