Congress Agrees on Comprehensive Financial Reform Bill

A conference of House Representatives and Senators agreed early this morning on a sweeping financial regulatory reform bill after weeks of reconciliation between separate House and Senate versions. The final bill now travels to separate House and Senate votes and then, upon passage by Congress, to a Presidential signature into law. The bill — which is being called the Dodd-Frank Act widely in the press after Sen Christopher Dodd (D-CT) and Rep Barney Frank (D-MA) — puts to rest controversial issues including treatment of banks' derivatives business and regulation of consumer financial products like mortgages.

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