Breaking News: House OKs sweeping financial regulatory bill

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***USATODAY.com Breaking News***

WASHINGTON (AP) - The House of Representatives has passed a sweeping rewrite of financial regulations, setting the stage for a final vote in the Senate where votes for the far-reaching bill remained in flux. The legislation creates a new federal agency to police consumer lending, sets up a warning system for financial risks, forces failing firms to liquidate and lays out new rules for instruments that have been largely uncontrolled.

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