In 2008 and 2009, the failure of financial institutions and plans for their rescue placed heavy burdens on taxpayers. To deter future misdeeds, Massachusetts Rep. Barney Frank, chairman of the House Financial Services Committee, and other Washington legislators drafted the Wall Street Reform and Consumer Protection Act of 2009 (HR 4173, passed by the House in December 2009), and the Senate bill, the "Restoring American Financial Stability Act of 2009."
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