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Update

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:

H.R.4173
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.

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[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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