House Of Representatives Says "Okay" To Financial Reform

It doesn’t look like it’s going to make President Obama’s July 4 deadline, but the financial reform bill did manage to squeak through the House of Representatives on Wednesday with a final vote of 237-192.

While there were only three Republican representatives Anh “Joseph” Cao of Louisiana, Michael N. Castle of Delaware and Walter B. Jones of North Carolina — who crossed the aisle to vote in favor of the bill, 19 Democratic members of Congress voted against it.

Click here for Meghann’s round-up of what’s in the bill

Debates over the bill involved a lot of finger-pointing from both parties, with Democrats saying the Republicans were choosing the interests of financial institutions over those of the taxpayers, and Republicans saying it’s just the latest case of the government sticking its nose where it doesn’t belong.

Her’s the donkey braying at the elephant:

[Republicans] perceive regulation as harmful… This bill is about putting the referee back on the field and saying, ‘Obey the rules, don’t trample on the little people, don’t take risk that you expect them to pay for.’

And here’s the elephant blasting the donkey with a shot of cold water from its trunk:

It’s about diminishing the free-enterprise system… It’s about creating larger government that will encroach upon every single one of us and ultimately crush us.

Meanwhile, Barry O., who still needs the Senate to sign off on the bill, is pretty pleased with the results thus far:

Today’s House vote in favor of Wall Street reform puts us on the cusp of passing a law that will give consumers greater protection and safeguard our economy against future financial crises… It has been a long fight against the defenders of the status quo on Wall Street, but today’s vote is a victory for every American who has been affected by the recklessness and irresponsibility that led to the loss of millions of jobs and trillions in wealth.

It’s taken over a year for the bill to reach this stage. I don’t know… maybe those jerkfaces from AIG could have done a better job?

Financial reform bill passes House, 237-192 [L.A. Times]