Lawmakers hammered out a historic overhaul of financial regulations as dawn broke over the nation’s capital on Friday, handing President Barack Obama a major domestic victory on the eve of a global summit devoted to financial reform.
A 20-hour marathon by members of a House-Senate conference committee to complete work on toughened financial regulations culminated at 5:39 a.m. Friday in agreements on the two most contentious parts of the financial regulatory overhaul and a host of other provisions. Along party lines, the House conferees voted 20 to 11 to approve the bill; the Senate conferees voted 7 to 5 to approve.
Members of the conference committee approved proposals to restrict trading by banks for their own benefit and requiring banks and their parent companies to segregate much of their derivatives activities into a separately capitalized subsidiary.
Legislators had aimed to finish their reconciliation work before President Obama travels to a G-20 meeting this weekend in Ontario, and to approve and deliver a final bill for the president’s signature by Independence Day.
Congresswoman Mary Jo Kilroy (OH-15) was the only Ohio member of the joint House-Senate conference committee for the financial reform legislation.