Frank says stronger Senate bill will prevail
May 17, 2010 | federal legislation, industry | Comments (0)Frank, a Massachusetts Democrat, said some parts of the Senate legislation go beyond his bill. The House section on the regulation of derivatives, for example, was criticized by consumer advocates, including Washington-based Americans for Financial Reform, and Commodity Futures Trading Commission Chairman Gary Gensler for creating loopholes for financial firms to receive exemptions from much of the new regulations.
The U.S. Senate bill to overhaul financial regulations is stronger than a version passed in December by the House, and it is likely to stay that way when Congress comes together to merge the two bills, according to House Financial Services Committee Chairman Barney Frank.
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