Jamesb101.com

commentary on Politics and a little bit of everything else

Who will be affected by the Wall Street Financial Reform Bill?

Actually……as this piece points out…..

Most of the business and people affected by the upcoming bill ( and its formation of a new Consumer-Finance Regulator ) before the Senate and House conference committee’s are not on Wall Street at all……

They are Retailers…..

Auto Dealers…….

The Big Banks….

State Attorney General’s…..

The Derivatives Traders……

These people and their lobbyists will be working at a final shoot at the rules makers before they hash out the different versions of the bills in the House and Senate …and vote on a finished version for the President to sign and enact…..

It’s not just bankers.

Auto dealers, attorneys general and derivatives traders are among those sitting anxiously as Congress enters the final stretch of its financial-regulation revamp. The two bills approved by lawmakers contain numerous differences, and negotiations to hammer out a compromise will begin in earnest this week. All told, they’ll represent the biggest change to the U.S.’s system of financial oversight in 80 years.

Reflecting the all-encompassing nature of the legislation, some of the widest gaps affect people far from Wall Street. Auto dealers are lobbying hard to be excluded from oversight by a proposed consumer-finance regulator. Retailers want relief from what they say are punitive fees charged by credit-card companies. Non-financial companies are fighting for more flexibility in using derivatives.

Here’s a look at some of the differences that have to be hammered out and those most likely to be affected by the outcome:

The Retailer

Retailers want a provision currently only in the Senate bill that would lift constraints imposed by credit-card networks. They want to be able to offer discounts on cheaper forms of payment, or impose a minimum charge for card payments. Networks currently charge retailers a fixed fee and 1.5% to 2% of the purchase price on credit-card transactions. Debit cards generally cost slightly less.

More……..

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June 6, 2010 - Posted by | Blogs, Breaking News, Counterpoints, Government, Law, Media, PoliticalDog Calls, Politics, The Economy, Updates | , , ,

2 Comments »

  1. […] This post was mentioned on Twitter by Paul V. Pintor and Paul V. Pintor, James Finley. James Finley said: Who will be affected by the Wall Street Financial Reform Bill?: http://wp.me/pAL4p-39p […]

    Pingback by Tweets that mention Who will be affected by the Wall Street Financial Reform Bill? « PoliticalDog101.com -- Topsy.com | June 7, 2010 | Reply

  2. The street was termed as Wall Street since it ran alongside a wall that was taken as the northern boundary of New Amsterdam in 17th century. Quintin Retailer

    Comment by Quintin Retailer | June 7, 2010 | Reply


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