WKYT | Lexington, Kentucky | News

House, Senate lawmakers finalize deal on bank bill

WASHINGTON (AP) - It took all night, but House and Senate negotiators have agreed on the most ambitious rewrite of financial regulations since the Great Depression.

The legislation touches on a broad range of financial transactions, from the debit card swipe at a supermarket to complex securities deals cut on Wall Street.

The bill now heads for final votes in both houses. Lawmakers hope to get it to the president by July 4.

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.

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