In other news from Washington, the House has passed the largest overhaul of financial regulation since the Great Depression. On Friday, Congress members approved a sweeping package that would create a Consumer Financial Protection Agency, increase oversight over derivatives and hedge funds, and establish a mechanism to dismantle large failed companies. No Republicans voted with the Democratic majority. The bill’s chief sponsor, Democratic Congress member Barney Frank, criticized Republican opposition.

Rep. Barney Frank: “The American people, we’re told, have said no more expansion of government — not in the area, certainly, of financial regulation. Their view that the American people want no more restraints on Wall Street is wrong.”

The measure was approved after Democrats with close financial industry ties weakened several provisions. The final bill includes safeguards ensuring federal laws can override state banking regulations, which are often more robust. The Senate is expected to take up its version of the bill next year.