but house democratic leaders said they expected to he enough support to approve the measure when it comes to booksote, perhaps today. democrats, seeking to deliver on a top priority president obama outlined in june, say that irresponsible lending and risky trading on wall street that directly led to the economic crisis must be stopped.
the sweeping legislation is the most significant overhaul of financial regulation since the 1930s. it would create a federal agency to protect consumers from questionable loan practices, give government the power to seize control of financial institutions under certain circumstances if they are deemed “too big to fail,’’ and require hedge fund trad ers to register with the government.
the measure, crafted under
energy sing lamps the guidance of the house financial services committee chairman, barney frank of newton, has been hotly debated, mostly along party lines. frank made last-minute agreements with conservative members of his party yesterday to hold democrats together as the house prepared to plow through a raft of amendments last night.
sitting in the speaker’s lobby yesterday as he awaited action on the legislation, frank said republicans he refused to support the bill because they he an “ideological, right-wing rejection of government.’’
representative spencer bachus, the
energy sing lamps ranking republican on the house financial services committee, rejected frank’s criticism, responding in an interview that the bill would lead only to more billion-dollar bailouts of industry: “we reject the government’s right to take billions of dollars from the american people and from a wide array of businesses and giving it to their creditors and corporations.’’
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