Senate bill is consider tougher
May 21, 2010 | federal legislation, industry | Comments (0)From The Hill:
The bill emerging from the Senate is tougher in many respects than the legislation the House passed in December, after Obama first proposed a series of regulatory reforms in June 2009.
That’s something of a surprise, since the hard edges of House legislation in the past have been softened by the Senate, where a super-majority of 60 votes is needed for procedural votes.
Fraud charges filed by the Securities and Exchange Commission against Goldman Sachs as the Senate began its debate, however, created a tougher atmosphere for banking lobbyists hoping to win changes to the bill.
“I’m still sort of shocked where we’ve gone,” said Sen. Bob Corker (R-Tenn.), who spent weeks in private negotiations with Senate Banking Committee Chairman Chris Dodd (D-Conn.) in an unsuccessful effort to strike a bipartisan bill.
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