On Monday, March 15, 2010, Banking, Housing, and Urban Affairs Committee Chairman, Chris Dodd (D-Conn.) released a new substitute bill to overhaul the country’s financial regulations. (See: Senate Banking Committee summary of bill; and related FEI summary.)
According to Cady North, Manager of Government Affairs in FEI's Washington, DC office, "This new draft is substantially different from a House bill passed in December. There are several major sections in this bill including: the creation of a new Consumer Protection entity housed at the Federal reserve, resolution authority to help prevent situations where entities become systemically risky, executive compensation reforms including the ability for shareholders to take a “say on pay” vote, credit rating agency and hedge fund reforms, as well as regulation of the over-the-counter derivatives markets."
North notes that Chairman Dodd has been working on a bipartisan basis over the past few months on these significant reforms, but released a bill today without bipartisan support, noting “a few outstanding issues remain” and that he hopes the final package will ultimately have bipartisan consensus. The deadline for filing amendments will be Mar. 19, and consideration of amendments will begin quickly in committee on Monday, Mar. 22. Majority Leader Harry Reid has indicated he is hopeful this legislation could reach the Senate floor before Memorial Day, however, prolonged negotiations are expected.
Read more about Dodd's bill, the reaction from tSen. Shelby (R-AL), the ranking Republican member of the Senate Banking Committee, and some details about the revised proposal for a 'consumer financial protection bureau,' here.
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