Breaking: House approves sweeping reforms of financial rules

By GottaLaff

This email alert just came in:

The House has voted 223-202 to approve the most sweeping overhaul of financial regulations since the Great Depression. The legislation seeks to prevent another financial crisis by giving the government broad new powers to protect consumers, oversee complex derivatives, and dismantle large firms whose failure would threaten the economy.

The Senate's version of the bill differs in some key areas, making it unlikely legislation would reach President Obama until next year.

More soon at: http://www.latimes.com