国际英语新闻：U.S.House approves historic overhaul of financial regulations

The over 2,000 pages legislation, the most ambitious rewrite of financial regulations since the Great Depression in 1930s, aims to curb Wall Street's high-risk practices blamed for the global economic meltdown of 2008, solve the systemic risk of the "too big to fail" problem among financial firms, and create a consumer protection agency to better protect Americans.

According to the mammoth legislative package agreed by the lawmakers, big banks should divest certain derivatives units, such as those trading credit-default swaps, into separately capitalized affiliates.

The consumer protection agency would supervise and regulate mortgage and credit-card products, including payday lenders and check cashiers.

The Obama administration launched its financial regulatory reform proposal in June 2009. The House passed its version of the bill last December. The new bill on Wednesday combines the House bill with one passed by the Senate last month.

Traders work on the floor of the New York Stock Exchange June 30, 2010. Wall Street ended first half of the year on bitter note on Wednesday, with all three major indexes closing at new 2010 lows.

Democratic lawmakers hailed the bill a historic victory.

"Never again, never again should Wall Street greed bring such suffering to our country," declared House Majority Leader Steny Hoyer.

However, Republicans portrayed the bill as a vast overreach of government power that would do little to prevent future bailouts of failing financial institutions.