Financial Regulatory Overhaul. HR 4173 (Roll Call 413)
The House passed a
massive reorganization of the regulations governing financial institutions in the United
States, creating dozens of new agencies, new reporting requirements, and making
permanent the “too big to fail” doctrine that originated in the Troubled Asset Relief
Program. Although billed as protecting credit consumers, this legislation actually protects
large banks and other financial institutions at the expense of community banks and less
traditional sources of credit and did nothing to reform Fannie Mae and Freddie Mac.
ACU opposed this government takeover. However, on June 30, 2010 the House adopted
the final version of this bill by a vote of 237-192 and sent it to the president.