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Update on the Wall Street Financial Reform Bill……

This from desmoinesdem over @ MyDD……

These thirteen senators have been named to the conference committee that will reconcile differences between the financial reform bills approved by the House last December and the Senate last week. They include eight Democrats and five Republicans, eight members of the Banking Committee and five from the Agriculture Committee. The House will also have 13 representatives on the conference committee; House Financial Services Committee Chairman Barney Frank has recommended these eight Democrats, but I haven’t seen a list of the five Republican members yet.

On the key differences between the House and Senate versions of financial regulations, see Pat Garofalo’s Wonk Room chart and this post by David Dayen. Senator Tom Harkin of Iowa, who is one of the conferees, promised yesterday to

“do everything in my power to preserve the bill’s integrity, strengthen its consumer protections, and stop the reckless financial wheeling and dealing that destabilized our economy and threw millions of Americans out of work. And, given the dangers they pose if not properly regulated, I plan to focus on preserving the key reforms in the Senate-passed derivatives portion of the bill. The Restoring American Financial Stability Act is a step in the right direction, and I look forward to improving it in conference.”

Harkin has his work cut out for him if he wants to preserve the Senate language on derivatives.Dayen wrote last week,

Everyone expects the 716 provision, which forces the mega-banks to spin off their swaps trading desks, to be excised in conference. But Michael Greenberger believes something like it will be retained. The House’s derivatives piece is a mess and nearly useless, but [conference committee chairman] Barney Frank has admitted a mistake on that front, and wants to preserve strong rules against derivatives, like in the Senate bill.

The smart money is on the conference committee dropping the strong derivatives language after the Arkansas Democratic primary runoff election on June 8. Until then, corporate hack Senator Blanche Lincoln needs to be able to brag about standing up to Wall Street lobbyists.



May 26, 2010 - Posted by | Blogs, Breaking News, Government, Law, Media, Men, PoliticalDog Calls, Politics, The Economy, Updates, Women | ,

1 Comment »

  1. […] This post was mentioned on Twitter by Paul V. Pintor and Paul V. Pintor, James Finley. James Finley said: Update on the Wall Street Financial Reform Bill……: http://wp.me/pAL4p-30N […]

    Pingback by Tweets that mention Update on the Wall Street Financial Reform Bill…… « PoliticalDog101.com -- Topsy.com | May 26, 2010 | Reply

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