That’s how it works
December 1, 2009 | federal legislation, industry | Comments (0)The House moves fast, the Senate cools things down. From NPR:
On Wednesday, the House Financial Services Committee is expected to approve the final piece of a package to overhaul the U.S. financial system. Approval would put the full House on track to debate the bill and vote on it next week. But slower progress in the Senate may push the overhaul effort well into next year.
The final piece expected from the House committee would, among other things, create an oversight council to monitor threats to the financial system. It would give greater power to the Federal Reserve to limit the risks financial firms take, and it would provide a way to safely wind down large firms that fail. It would also subject the Fed to greater congressional scrutiny.
Despite the progress the House has made, there’s still a lot more to do, said Assistant Treasury Secretary Michael Barr.
“There’s a danger that the public and the Congress forget the urgency of reform,” he said.
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