US financial reforms await Senate vote

1 July 2010

A landmark set of financial reforms has been passed by the US House of Representatives, but must wait until next month to receive final approval from the Senate.

Efforts to secure the required level of support in the upper house of Congress were complicated by the death of senator Robert Byrd on Monday (June 28th), effectively delaying the vote until after the July 4th holiday.

Nevertheless, supporters of the bill still had cause for celebration after the legislation was carried in the House by 237 votes to 192 on Wednesday.

In a statement, president Barack Obama hailed the measures as "a victory for every American who has been affected by the recklessness and irresponsibility that led to the loss of millions of jobs and trillions in wealth".

The bill, which imposes tighter regulations across the financial services sector in an attempt to limit risky practices, has faced stiff opposition from leading Wall Street figures and Republicans during its journey through Congress.

By Asim Shah

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