June, 26, 2010

Legislation that redefines federal oversight of the financial industry and provides the toughest regulations since the Great Depression is headed for final votes in Congress next week.The new rules cover virtually every type of transaction involving financial-service firms, from simple debit-card swipes at Starbucks to the most complex Wall Street securities, and are an election-year salve for public anger over the Wall Street risk-taking that cost millions of Americans their jobs, homes, and nest eggs.

House and Senate bargainers approved the deal as the sun rose Friday, giving President Obama a fresh campaign-season triumph after his health-care overhaul - and an achievement to tout at the weekend global economic summit in Toronto. Democrats hope lawmakers can pass the package and send it to Obama for his signature by July 4, capping a burst of action prompted by the worst recession in seven decades.The new rules govern how Americans bank, borrow, and invest, and they create a regulatory agency to make sure financial transactions such as signing up for a credit card are safer and easier to understand.