Consumer Law

More on the Financial Reform Legislation Passed Last Night by the Senate

By Brian Wolfman

Following up on last night's post on the 59-39 Senate passage of financial reform legislation, just a few more items of possible interest:

• Go here and here for the text of the legislation, amendments, and legislative history on the Senate and House bills, respectively. The two bills now go to a conference committee, with Representative Barney Frank (chief sponsor of the House legislation) predicting enactment by July 4.
• Go here to read about the political ramifications of Wall Street Reform legislation and how President Obama plans to use it in the Fall campaign.
• Check out this chart to see how each Senator voted last night. As Deepak noted in his post last night, two Democrats -- Senators Feingold and Cantwell -- voted against the bill believing, as do many consumer advocates, that the legislation won't do enough to rein in Wall Street excess and protect consumers. Four Republicans -- Senators Snowe, Collins, Grassley, and the newbie from Massachusetts, Brown -- voted yes. There were two no-shows, Senators Specter and Byrd.
• Read this article for more on the controversial amendment to exempt auto dealers from oversight by the consumer financial protection bureau created by the bill.

Full post as published by CL&P Blog on May 21, 2010 (boomark / email).