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Non-Tech : Banks--- Betting on the recovery -- Ignore unavailable to you. Want to Upgrade?

To: Road Walker who wrote (968)	6/25/2010 5:56:02 PM
From: tejek	1 Recommendation Respond to of 1428

A good summarization of the new bank bill. What Happened Last Night To The Financial Reform Bill? Early this morning, the conference committee reconciling the House and Senate versions of financial regulatory reform approved final language for the legislation after a marathon 20 hour negotiating session. The House conferees approved the reconciled legislation on a 20-11 vote and the Senate approved it 7-5. Both votes were party line. The bill now moves to one more vote in each chamber next week, where it can’t be amended further. A flurry of changes were made to the legislation last night, including the addition of an exemption to the Volcker rule — a ban on banks trading for their own benefit with federally insured dollars — and a weakening of Sen. Blanche Lincoln’s (D-AR) provision requiring banks to spin-off their derivatives trading desks. However, the final bill seems to have retained Lincoln’s language requiring exchanges and clearinghouses for derivatives, as well as a provision from Sen. Susan Collins (R-ME) that compels banks to hold more capital against losses. Below is a comparison of the House and Senate versions of the bill, as well as what ultimately ended up in the conference report. This is by no means an exhaustive comparison, but hits the major portions of the bill: [see chart] wonkroom.thinkprogress.org