House Passes Reform Bill

The House of Representatives voted 237-192 to approve President Barack Obama’s sweeping financial overhaul, paving the way for the Senate vote, which will take place in mid-July. Democrats scrambled to finish the final version of the bill earlier in the week after key Republican senators voiced doubts about a $19 billion 10-year bank tax. Democrats have claimed the bill will prevent the series of events that led to 2008’s financial meltdown, and House Majority Leader Steny Hoyer (D-MD) said the bill will “bring accountability to Wall Street.” Republicans remained staunchly opposed to the bill, which could face a filibuster in the Senate.