House approves regulatory-revamp legislation

The House voted 237-192 to approve legislation to overhaul financial regulation. The Senate, which needs to approve the bill before it can be sent to President Barack Obama, delayed taking action until after the July 4 recess. Obama said in a statement that he looks forward to signing the sweeping legislation into law. "Yes, it's a very big bill because it was a very big set of problems," said Rep. Barney Frank, D-Mass. "This bill got better at every stage of the process. ... I believe we have a piece of legislation that's going to show its merit."

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