In Brief.(The Wall Street Reform and Consumer Protection Act of 2009)

House lawmakers pass financial regulation bill

The House of Representatives on Friday passed a measure, H.R. 4173, that would increase government regulation of the financial services industry. The Wall Street Reform and Consumer Protection Act of 2009, which passed on a 223-202 vote, also would establish a Federal Office of Insurance within the Treasury Department and ease requirements for buyers purchasing surplus lines coverage. The bill would provide federal regulators with broad authority to identify and respond to systemic risks, including breaking up firms that pose a large-scale financial threat. The bill also would establish a Consumer Financial Protection Agency, though the agency would not have jurisdiction over the …