Drum roll, please
February 22, 2010 | federal legislation, industry | Comments (0)Senators Dodd and Shelby will introduce their competing financial reforms this week. From the story:
Brett Neely: All last week, rumors swirled about what’s in both draft bills. But Karen Petrou of Federal Financial Analytics says no one knows for sure.
Karen Petrou: This is one of those periods in the legislative process where there’s lots of smoke and figuring out what’s fire-driven is very difficult.
There appears to be a deal that the Treasury Secretary will lead a new systemic risk council to police behavior that could take down the financial system. Both bills are also likely to propose ways to unwind failed financial firms without resorting to expensive bailouts.
But there’s likely to be one major difference between Shelby and Dodd’s bill, says Petrou:
Petrou: The only third rail is the Consumer Financial Protection Agency, as far as I can tell.
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