Congress Responds to 2008 Economic Crisis with Financial Reform Legislation

摘要

In order to prevent another worldwide economic crisis like the one that hit the U.S. towards the end of 2008, both the U.S. House of Representatives and the U.S. Senate have drafted and passed legislation (H.R. 4173 and S. 3217 respectively) to tighten the reins on Wall Street. The Senate bill passed with most Republicans opposing the measure, arguing that it does not do enough to end government support for Fannie Mae and Freddie Mac, two institutions that played a large role in the 2008 meltdown.