The House of Representatives passed HR 4173, known as The Wall Street Reform And Consumer Protection Act off 2009.  The vote was a close 223 to 202.

The bill now goes to the Senate were it faces a major fight.

Among the controversial portions of the bill are the creation of a Financial Services Oversight Council chaired by Treasury Secretary. The legislation also gives power to the government to force firms which it considers to be in trouble to restructure, restrict executive pay, sell businesses, or otherwise break up. The bill provides that the Fed can extend loans to a variety of businesses up to a total of $4 trillion in the case of emergencies.

The other major part of the bill creates a Consumer Financial Protection Agency to regulate mortgages, credit cards, other financial products.

Douglas A. McIntyre