They Voted for You: Wall Street

U.S. Reps. Alan Mollohan, D-1st, and Nick Rahall, D-3rd, helped pass legislation Friday that The Associated Press calls "the most ambitious restructuring of financial regulation since the New Deal."

Rep. Shelley Moore Capito, R-2nd, voted against the measure along with the other House GOP members present for the 223-202 roll call.

"The sprawling legislation gives the government new powers to break up companies that threaten the economy, creates a new agency to oversee consumer banking transactions and shines a light into shadow financial markets that have escaped the oversight of regulators," AP reports. "Republicans argued that the regulations would overreach and would institutionalize bailouts for the financial industry."

The article said a Senate version of the legislation is expected early next year.

"Democratic leaders had to fend off a last-minute attempt to kill a proposed consumer agency, a central element of the legislation and one the features pushed by President Barack Obama," it continued. "While a victory for the Obama administration, the legislation dilutes some of the president's recommendations, carving out exceptions to some of its toughest provisions."