rssFinReg Complete, and Banks Stuck With $20 Billion Tab for Implementation
Friday, June 25, 2010 at 9:18 am
- 10 Comments
It is over. After a marathon 20-hour session, the conference committee reconciling the House and Senate versions of financial regulatory reform completed their work. All Democrats and no Republicans voted for the final package, and conference committee wrapped up around 5:40 a.m.
A version of both the Volcker Rule — banning banks from proprietary trading — and a provision to force banks to spin off swap desks made it into the final day, and I’ll look more closely at what language actually made it through later on.
But one small detail: At 2:52 a.m., Rep. Barney Frank (D-Mass.), the head of the conference committee, inserted a provision into the bill. It sticks banks with more than $50 billion in assets and hedge funds with more than $10 billion in assets with the costs of implementing the reforms. It made it in.
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10 Comments
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Pingback posted June 25, 2010 @ 12:03 pm
[...] FinReg Complete, and Banks Stuck With $20 Billion Tab for Implementation “It is over. After a marathon 20-hour session, the conference committee reconciling the House and Senate versions of financial regulatory reform completed their work. All Democrats and no Republicans voted for the final package, and conference committee wrapped up around 5:40 a.m. [...]
Pingback posted June 25, 2010 @ 12:54 pm
[...] This post was mentioned on Twitter by Charyl, WashIndependent. WashIndependent said: FinReg Complete, and Banks Stuck With $20 Billion Tab for Implementation – http://bit.ly/cBwQU7 [...]
Comment posted June 25, 2010 @ 4:26 pm
Great laugh! It might actually have been possible to pass financial reform, but sticking the banks and hedge funds with the bill is going to kill this bill in the Senate on the re-vote! Thanks, Barney!
Pingback posted June 26, 2010 @ 10:58 am
[...] FinReg Complete, and Banks Stuck With $20 Billion Tab for … [...]
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