US lawmakers seal deal on reform bill

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Lawmakers from the two chambers of the US Congress reached a deal on the sweeping financial regulatory reform bill in the early hours of Friday.

Calling the occasion "tremendous," Chris Dodd, the chairman of the Senate Committee on Banking, Housing and Urban Affairs, said: "We closed loopholes in regulations and required greater transparency and accountability for over-the-counter derivatives, asset backed securities, hedge funds, mortgage brokers and payday lenders."

He added that the text, whi

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