Key provisions of financial regulation legislation passed by the House:
_Financial Services Oversight Council made up of treasury secretary, Federal Reserve chairman and heads of regulatory agencies to monitor the financial markets to watch for potential threats to financial system.
_Consumer Financial Protection Agency to police lending, taking powers now exercised by various bank regulators.
_Federal Reserve loses consumer protection regulation authority and ability to unilaterally inject money into financial institutions.
_Government Accountability Office, Congress' investigative arm, given power to audit the Fed.
_Regulates derivatives, the complicated financial instruments blamed for accelerating the Wall Street crisis. Contains exceptions for corporations that use derivatives as a hedge against price fluctuations, not as a speculative investment.
_Requires large, interconnected companies to put more money in their reserves.
_Gives shareholders the right to cast nonbinding votes on executive pay packages. Regulators have a say on compensation practices, not on pay itself.
_Ratings agencies, blamed for giving too high ratings to bad mortgage-related securities, would have to register with the Securities and Exchange Commission and would face increased liability standards.
_Adds $3 billion to help unemployed homeowners avoid foreclosure and $1 billion in neighborhood assistance funds. Money requested by Congressional Black Caucus.