A little over a year after Congress bailed out the financial system, the House on Friday passed a sweeping overhaul of the nation’s financial architecture and the rules that govern it, seeking to prevent a repeat of last year’s meltdown.
Friday’s 223 to 202 vote was a major victory for the Obama administration, which has made Wall Street reform a policy and political imperative, second only to health care on its agenda. But like so much of the White House’s other legislative agenda, this too, was a partisan win, as not a single Republican voted for the bill.
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