House Of Representatives Passes Huge Financial Services Package

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By Douglas A. McIntyre Updated Published

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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

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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