WASHINGTON (AP) — House and Senate negotiators have completed a sweeping overhaul of banking regulations and aim to send it to President Barack Obama by July 4.
Lawmakers finished assembling the bill early Friday out of versions passed earlier by the House and Senate. The bill represents the most ambitious rewrite of Wall Street rules since the Great Depression.
The legislation, a priority of the president, sets up a warning system for financial risks and creates a consumer financial protection bureau to police lending. It forces large failing firms to liquidate and sets new rules for financial instruments that have been largely unregulated.
The House and Senate are expected to vote on the final bill next week.
