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June 25, 2010

Congress: New financial rules would cover Wall Street to Main Street.

AP: New Financial Reform Package is Comprehensive:

WASHINGTON - President Barack Obama declared victory Friday after congressional negotiators reached a dawn agreement on a sweeping overhaul of rules overseeing Wall Street.

Lawmakers shook hands on the compromise legislation at 5:39 a.m. after Obama administration officials helped broker a deal that cracked the last impediment to the bill -- a proposal to force banks to spin off their lucrative derivatives trading business. The legislation touches on an exhaustive range of financial transactions, from a debit card swipe at a supermarket to the most complex securities deals cut in downtown Manhattan.

Posted by Holden Oliver (Kitzbühel Desk) at June 25, 2010 01:22 PM

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