Good summary
June 23, 2010 | federal legislation, industry | Comments (0)In today’s Financial Times:
A conference of lawmakers on Tuesday backed a new Consumer Financial Protection Bureau to regulate credit products, housing it within the Federal Reserve but granting a high level of independence.
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In public and behind-the-scenes talks, House of Representatives and Senate teams will thrash out the final text on the most contentious areas: rules to ban banks from proprietary trading and force them to spin off swaps desk.
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It will still require approval by the House and Senate in separate votes next week but congressional staff have been working to craft a series of compromises acceptable to those who want a sweeping reform of Wall Street and those who urge moderation.
The search for compromise is necessary because 60 votes will be needed in the Senate, where Democrats have a caucus of only 59 senators not all of whom are expected to vote in favour of the bill.
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