The state of play
December 7, 2009 | federal legislation, industry | Comments (0)Could summary from the Associated Press:
Sweeping regulations to tame Wall Street and protect consumers in dealings with lenders are on the verge of passing the House but their fate is hardly sealed.
Crucial pieces are still flashpoints, fiercely opposed by various sectors of the financial services industry and likely to be fought on the House floor and beyond.
Rep. Barney Frank, D-Mass., chairman of the Financial Services Committee, expects to be negotiating specific language right up until House debate on the bill opens Wednesday. Unresolved issues could end up as amendments on the floor, making their outcome uncertain.
At issue are provisions that could affect how home buyers obtain mortgages, how large firms transact complicated financial trades and how large financial institutions borrow money.
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