The New York Times
Fri, June 25, 2010 -- 5:49 AM ET
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House and Senate Reach Deal on Financial System Reform
WASHINGTON -- Nearly two years after the American financial
system teetered on the verge of collapse, congressional
negotiators reached agreement early Friday morning to
reconcile competing versions of the biggest overhaul of
financial regulations since the Great Depression.
A 20-hour marathon by members of a House-Senate conference
committee culminated at 5:39 a.m. Friday with the approval of
proposals to restrict trading by banks for their own benefit
and requiring banks and their parent companies to segregate
much of their derivatives activities.
On a party-line vote, the House conferees voted 20-11 to
approve the bill; the Senate conferees voted 7-5 to approve.
The agreement cleared the way for both houses of Congress to
vote on the full financial regulatory bill next week.
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