Biggest revamp of financial oversight clears the House

The House on Wednesday approved the most sweeping rewrite of financial rules since the Great Depression, and last-minute changes this week appeared to solidify support in the Senate and pave the way for the legislation to reach the White House later this month.

The 237-192 House vote split sharply along partisan lines. Democrats charged in often-contentious debate that Republicans were protecting Wall Street from tough new regulations designed to prevent a repeat of the financial crisis and end the prospect of future government bailouts. But Republicans said the legislation was a dangerous expansion of government power that would restrict access to credit by consumers and businesses. They blasted it for failing to address the future of seized mortgage finance giants Fannie Mae and Freddie Mac and warned that the legislation would lead to more bailouts.