Here it is, over a year latter and our representatives finally have decided to do something about the reckless Wall Street situation.

I give you H.R.4173

Isn’t this great?

Fri, 2009-12-11 16:45 — NationalMortgag…

The U.S. House of Representatives has announced the passage of HR 4173, the Wall Street Reform and Consumer Protection Act of 2009, by a narrow vote of 223-202. Among other enforcements, HR 4173 will create a Consumer Financial Protection Agency (CFPA) to regulate the credit and housing industries, places restrictions on executive compensation, and increases the government’s authority when dealing with failing financial institutions.

Source: http://nationalmortgageprofessional.com

Does America need a new agency to oversee Wall Street? Isn’t this supposed to be the function of the SEC? Why should we have a new agency built when one that already exists? Now as I like to report, you should really check out the links and make up your own mind and not take opinions like mine as the truth, but I think that thanks to lobby groups from Wall Street firms, this bill won’t stand a chance of having any real teeth or real effect on the problems on Wall Street that led to the worst economic crash since the great depression.