Hawaii’s two members of the U.S. House of Representatives split their votes on a major financial reform bill that has gained passage.
The 2,000-page measure, passed today, would rewrite the nation’s regulatory books from Wall Street to Main Street.
Rep. Mazie Hirono said in a statement the bill will require credit card and mortgage companies to use easy-to-understand forms. The Democrat says it also will strengthen oversight and impose new regulations to prevent future bailouts of large financial firms.
Rep. Charles Djou said the measure failed to address the financial meltdown’s root causes. The Republican says it intrusively expands the reach of government and raises taxes on banks that will pass those costs on to consumers.