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On Saturday, December 12, 2009, President Barack Obama stated in his weekly radio and Internet address that he applauds the passage of the U.S. House of Representative financial regulations bill. With unanimous Republican opposition against the House bill, the final vote was 223-202, which included the opposition of 27 House Democrats. To become law, the House bill must survive in substantial part through the bicameral chambers of both the House and Senate and be signed by the U.S. President.

Increased Congressional Oversight of Federal Reserve in Regulating U.S. Banking System

Under the House bill, the U.S. Congress could break up financial entities believed to pose a systemic threat to the U.S. financial system. The House bill would also create the Consumer Financial Protection Agency (CFPA). CFPA would have audit powers over the Federal Reserve, including reviewing its monetary policies in light of potentially conflicting global interests.

In “Too Big to Fail,” Andrew Ross Sorkin dubs his 2009 book release “[t]he inside story of how Wall Street and Washington fought to save the financial system – and themselves.” It recounts the legendary 2008 ripples in the financial markets, including the public bankruptcy of Lehman Brothers; the fire sale of the prestigious Merrill Lynch to Bank of America; and the U.S. government’s nationalization of the world’s largest insurance firm.

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