Posts Tagged ‘Financial Reform Bill’

Update -Politico is reporting that the bill has passed, 60-39. As soon as I get the roll call vote I’ll provide a link.

Politico is reporting that the bill is set for a final vote this afternoon.

Reg reform bill hits homestretch

By: Carrie Budoff Brown

July 15, 2010 11:38 AM EDT

President Barack Obama moved closer Thursday to securing his second major legislative victory, as financial reform legislation cleared another significant hurdle in the Senate on its way to final passage.

By a tighter margin than either party predicted months ago, the Senate voted 60 to 38 to end debate on the bill, setting up a final vote scheduled for 2 p.m.


The final bill up for Senate vote is entitled “Restoring American Financial Stability Act of 2010”, and it’s identification is H.R. 4173, a House of Representatives designation. Text from the Senate bill S.3217 was inserted into H.R 4173 prior to this final vote. The record of Congressional Actions indicating how we got to this point is HERE.

The bill is available in PDF. Go HERE to download it. It is number 5 on the list and is 1616 pages. It was 2.4 MB and took a few minutes on dial up.

I’m only just starting to read it. (See what OpenCongress says HERE.)Starting from the last pages, I see that we are introducing a protocol for monitoring and deterring the introduction of rare minerals from the Congo and nearby regions. Although the stated primary reason is to reduce the money supply to rebels and terrorists, it is likely to also help to protect habitat for gorillas. It’s amazing what they will stick in at the end.

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As of 4:20 PM PST, the Daily Digest has not yet produced the record for today, indicating the vote, the 11th of December. However, find below the House passed  reform bill, as entitled:

Title: To provide for financial regulatory reform, to protect consumers and investors, to enhance Federal understanding of insurance issues, to regulate the over-the-counter derivatives markets, and for other purposes.
Sponsor: Rep Frank, Barney [MA-4] (introduced 12/2/2009)      Cosponsors (None)
Related Bills: H.RES.956, H.RES.964, H.R.3126, H.R.3818
Latest Major Action: 12/10/2009 House floor actions. Status: Committee of the Whole House on the state of the Union rises leaving H.R. 4173 as unfinished business.

The bill has several short titles. You may hear several of them. The titles in italics represent portions of the bill:

Wall Street Reform and Consumer Protection Act of 2009

Accountability and Transparency in Rating Agencies Act of 2009

Consumer Financial Protection Agency Act of 2009

Corporate and Financial Institution Compensation Fairness Act of 2009

Credit Risk Retention Act of 2009

Dissolution Authority for Large, Interconnected Financial Companies Act of 2009

Federal Insurance Office Act of 2009

Financial Stability Improvement Act of 2009

Investor Protection Act of 2009

Over-the-Counter Derivatives Markets Act of 2009

Private Fund Investment Advisers Registration Act of 2009

Go HERE to open the information on the summary page. There are reports that the Senate version is not at the same stage and may take as long as six months to pass.Dakinikat, over at the Confluence has a good post on moral hazard, HERE. It is  a timely and apt post in relation to the just passed H.R.4173. Risk is always present in any activity. Either we leave the cat with the pigeons and trust it will behave, or we buy the cage, and transfer the risk into losing a paw to the cat if it misbehaves.


[Politico Breaking News

The House has passed a sweeping financial regulatory reform bill by a vote of 223 to 202. The bill is designed to prevent a repeat of last year’s economic meltdown by creating a new consumer watchdog agency and new regulations on everything from credit cards to executive compensation.

For more information…http://www.politico.com]

I’ll have more in a bit.

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