After an all-night session, U.S. House and Senate negotiators this morning agreed on a Wall Street reform bill that imposes tough new rules on the way Wall Street and Big Banks do business, including how they handle derivatives. Derivatives are the complex and risky financial products developed by Wall Street and Big Banks that were at the heart of the financial collapse.
The Senate passed its version last month and the House in December. The conference report melds the two bills and is expected to come to votes in both chambers next week. Wall Street lobbyists spent the past several months spending millions—much of it taxpayer bailout money—to weaken the legislation.
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