Labor & Employment Law

Financial Regulation Bill moves to Full Senate

By Dobin & Jenks

Wall Street look out... Change is in the air...The Senate Banking Committee passed a sweeping financial regulation bill on March 22. The bill now moves to the Senate for a full vote.

President Obama and his senior advisers are now planning to focus more on issues such as financial regulation reform. The administration is ?seeking to tap into the anger among many voters over Wall Street excesses? that are at the root of the current economic crisis.

The financial regulation bill ultimate goal is to increase investor protections. If signed into law, the financial reform bill that passed the Senate panel would create a bureau within the Federal Reserve that provides investors with a greater level of security. The bill would also establish a regulatory council to ?survey threats to the financial system.?

According to U.S. Senator Richard Shelby (R-Ala) major points of disagreements in the bill incude the following areas: the powers of a Consumer Financial Protection Bureau that would be created within the Federal Reserve, regulation of the sprawling market in over-the-counter derivatives and provisions that would give corporate shareholders a greater say over executive pay and boards of directors.

President Obama stated:

"We are now one step closer to passing real financial reform that will bring oversight and accountability to our financial system and help ensure that the American taxpayer never again pays the price for the irresponsibility of our largest banks and financial institutions."

Click on the following links to read more about the Financial Regulation Bill.

Senate panel passes sweeping financial-regulation bill - Washington Post
Panel Sends Financial Overhaul Bill To Full Senate - AP - NPR
Bank Panel Clears Bill on Overhaul - NYT

Full post as published by The Law Planet Blog on March 24, 2010 (boomark / email).