Date: December 11, 2009
Subject: Financial Industry Regulation
Description: The House passed an overhaul of regulation of the financial industry that creates an entirely new government agency. The bill also sets national mortgage standards, federal registration of investment advisers, overrules state consumer financial laws, and authorizes the use of TARP funds for housing relief. ACU opposed this massive expansion of federal regulation without clear limits and definitions as to what would be regulated or how.
Result: Bill Passed, 223-202
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