Securities Law Updates | New Proposed Legislation
December 23, 2009
Historic Legislation That Overhauls Federal Financial Regulation Passes House
Wall Street Reform and Consumer Protection Act of 2009
H.R. 4173 , 12/11/2009
By a vote of 223 to 202, drawn along party lines, the U.S. House of Representatives has passed historic legislation that lays down a comprehensive set of measures that will modernize America’s financial regulations and hold Wall Street accountable. Once signed into law, this package of reforms will work together to address the myriad causes – from predatory lending to unregulated derivatives – that led to last year’s meltdown.
In this regard, Securities and Exchange Commission (“SEC”) Chairman Mary Schapiro made the following statement on the financial regulatory reform legislation passed by the House: “I applaud the House for taking this…
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