US Banking Regulation Reform

As the world economy limps out of the worst recession since the Great Depression (the “Great Recession”), an ambitious reform-minded U.S. Congress has turned its attention to overhauling the regulatory regime of the industry many experts believe was the root of the Great Recession: the banking and financial services industry.

Over the past year, the banking regulatory reform has taken a back seat to the contentious health care reform debate. Now that President Obama has signed his sweeping health care reform bill into law, the banking reform debate is taking center stage. On March 23, 2010, Senator Dodd (D-CT) and the Senate Banking Committee voted to send the 1,336 page “Restoring American Financial Stability Act” (“Proposed Senate Bill”) to the full Senate for debate and vote. The U.S. House of Representatives passed their version of a banking Reform bill entitled “Wall Street Reform and Consumer Protection Act of 2009” on December 11, 2009 (“House Reform Bill”). Due to the complexity of the issue and the sheer size of these proposed House and Senate Bills, this article provides a brief general discussion of the current Senate Proposed bill and the obstacles that it faces in become a law.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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