The last time we checked on President Barack Obama's promise to create new financial regulations, the House of Representatives was considering a bill to more closely regulate the industry. Since then, the House has passed a bill and the proposal has moved to the Senate.

The House approved a measure 223-202 in a largely party-line vote on Dec. 11, 2009. All the House Republicans voted against the bill, joined by 27 Democrats. Only Democrats supported the measure.

The House bill was crafted in response to the economic collapse of a few of the biggest financial firms in the fall of 2008. The bill includes several measures:
• It gives the federal government the authority to take over and dismantle large, distressed financial companies if the institutions pose risks to the larger economy.
• It creates a Consumer Financial Protection Agency to regulate consumer financial products such as bank accounts, credit cards and mortgages. Democrats say that will be a robust watchdog agency defending ordinary consumers.
• It gives shareholders the ability to vote on executive compensation, otherwise known as a "say on pay" provision. But the vote would be nonbinding.
• It regulates derivatives, between dealers and what the bill considers "major swap participants." But it does not require all derivatives to be publicly traded.
• It creates a council of existing and new regulators who are asked to consult with each other to safeguard against systemic risk.
• It includes a variety of new rules for mortgage lenders, credit rating agencies and some hedge funds.

We wanted to note the latest development since this promise is among PolitiFact's Top 25 promises. The House vote does not change our rating, however. Obama's campaign promise is still In the Works.