The Wall Street Reform and Consumer Protection Act of 2009 (the “Bill”) overhauls regulation of the financial industry with tough controls on large or systemically significant institutions and the creation of a new consumer protection agency. The Bill reins in predatory mortgage lending, limits executive pay, enhances the SEC’s enforcement powers, and creates federal oversight over the derivatives markets and credit rating agencies. The Bill moved swiftly through the House after lawmakers spent time attempting to reach consensus on a package of 36 amendments. Approved 223-202, Republicans were nearly united in opposition, while Democrats worked to iron out differences among themselves. House Financial Services Committee Chairman Barney Frank (D-Mass.) and other reformers defeated a proposal from fellow Democrats that would have scrapped the proposed Consumer Financial Protection Agency (“CFPA”) in favor of a council of regulators. In other CFPA action, lawmakers cleared an amendment from Rep. Jan Schakowsky (D-Ill.) to include reverse mortgages within the CFPA’s oversight. Lawmakers also defeated an amendment that would have allowed bankruptcy judges to cram down mortgages during Chapter 13 proceedings. That amendment failed 188-242.