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:
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.
Grab and Keel 