The House on Friday passed a wide-ranging financial overhaul bill intended to boost consumer protection and crack down on abuses on Wall Street.
The House approved the bill on party lines in a 223-202 vote, with no Republicans favoring the measure, a top priority for the Obama administration. Twenty-seven Democrats crossed party lines and voted against the bill.
“The president set forth clear objectives and principles for reform that were endorsed by Congressional leaders. House passage of this bill moves us an important step closer to meeting the President’s objectives for reform,” said Treasury Secretary Timothy Geithner.
The bill creates a new Consumer Financial Protection Agency (CFPA), imposes new curbs on the multitrillion-dollar derivatives market and sets up a new system for dissolving failing financial firms.
The 27 Democrats voting against the bill were: Marion Berry (Ark.), Dan Boren (Okla.), Rick Boucher (Va.), Bobby Bright (Ala.), Ben Chandler (K.y.), Henry Cuellar (Tex.), Lincoln Davis (Tenn.), Chet Edwards (Tex.), Parker Griffith (Ala.), Debbie Halvorson (Ill.), Baron Hill (Ind.), Marcy Kaptur (Ohio), Ann Kirkpatrick (Ariz.), Dennis Kucinich (Ohio), Eric Massa (N.Y.), Mike McIntyre (N.C.), Harry Mitchell (Ariz.), Solomon Ortiz (Tex.), Tom Perriello (Va.), Mike Ross (Ark.), Kurt Schrader (Ore.), Ike Skelton (Mo.), Zack Space (Ohio), Bart Stupak (Mich.), Gene Taylor (Miss.), Harry Teague (N.M.) and Pete Visclosky (Ind.)