Since Treasury Department’s Blueprint release on March 28, 2008, and the administration’s regulatory proposal, the world of bank watchers has been kept in constant flux with anticipation of what the final legislative program would be. Forgetting for the present all the statements, pronouncements and other postings by the multiple players involved, the first real step was the passage by the House (223-202) on Dec. 11, 20 of the House Financial Services Committee’s (HFSC) proposed restructuring bill (“Wall Street Reform and Consumer Protection Act of 2009,” H.R. 4173), followed by the release of the Senate Banking Committee’s (SBC) “summary bill” (“Create a Sound Economic Foundation to Grow Jobs, Protect Consumers, Rein in Wall Street, End Too Big to Fail, Prevent Another Financial Crisis”) on March 15, 2010.
On May 20, after several weeks of floor debate and voting on amendments, the Senate passed (59-39) the Restoring American Financial Stability Act of 2010 (S. 3217, which was redesignated H.R. 4173). We are still waiting for the final Senate bill and the following conference with the House in order to reach closure on the resulting law.
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