On Friday, the U.S. House of Representatives passed its major financial reform proposal by a 223-202 vote. Commercial banks and credit and finance companies stood among some of the fiercest opponents of the bill.
concept by requiring banks and other large financial institutions to develop plans for how to safely dissolve and be dismantled if they can no longer
compete. It would give shareholders a say in executive compensation. And it would require credit rating agencies to institute more procedures to curb conflicts of interest and end practices that can lead to inflated credit ratings.
agency to act as a consumer watchdog -- an idea backed by President Barack Obama but opposed by many in the industry, including the lobbying powerhouse U.S. Chamber of Commerce. The new organization would be called the Consumer Financial Protection Agency and would have the authority to regulate mortgages, credit cards, student loans, auto loans, payday loans and more.
but 27 other Democrats voted against it. Of these, more than a dozen were Blue Dogs. Two members of the Progressive Caucus -- Reps. Dennis Kucinich (D-Ohio) and Marcy Kaptur (D-Ohio) -- also voted against the final legislation because they were concerned that it didn’t go far enough to help consumers.
|FIRE Sector||Banks||Real Estate||Insurance||Securities||Credit|
|Total to Yes Votes||$154,757,586||$17,351,919||$42,599,989||$27,354,372||$32,328,322||$5,767,902|
|Average Per Yes Vote||$693,980||$77,811||$191,031||$122,665||$144,970||$25,865|
|Total to No Votes||$171,542,785||$26,901,508||$42,302,113||$33,042,715||$25,380,700||$7,883,589|
|Average Per No Vote||$849,222||$133,176||$209,416||$163,578||$125,647||$39,028|