Congress Passes Landmark Financial Regulation Bill (July 15): Congress approves a landmark financial regulation bill, strongly supported by President Obama and by and large the Democratic Party. The bill increases the number of companies that will be regulated by government oversight, a panel to watch for risks in the financial system, and a consumer protection agency. Some Democrats and critics argue that the bill is not tough enough; Republicans claim it gives the government too much power in the business sector. Obama is expected to sign the bill into law immediately.