House decides to strike major blow to Wall Street
Sunday, December 13th, 2009 at 9:42 am
The House of Representatives has decided to pass another legislation on Friday that completely changes or rewrites the rules of the major governing financial markets. This legislation is trying to restrict what the big banks and powers of Federal Reserve can do.
The legislation which was passed by the House of Representatives, if enacted would make the biggest change we have seen since 1930’s in the financial operations and rules. It would affect the business practices of majority of the players including mortgage brokers, traders on Wall Street and so on. This latest vote is a White House initiative that has been designed to attempt and tackle the effects of the last years big financial crisis.
However the White House is not saying that this is the final word. There has yet to be a decisions made by the Senate and the version that was brought up earlier looks different from the version shown by the House in many different respects. The main senators are trying to reach an agreement by the end of December which should then allow for the bill to be passed sometime in the first half of year 2010.
Tags: house bill, wall street bill, wall street legislation, wall street legislation 1930