Financial Reform Legislation - A Work in "Process" Presently in Conference Committee

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The U.S. House and Senate have convened a Conference Committee to iron out the differences between financial reform bills passed the respective Houses. The House Bill H.R. 4173 was passed by the House on December 11, 2009. The Senate Bill S. 3217 was passed by the Senate on May 20, 2010. While there are significant differences between the bills, it appears that there is a substantial chance that such differences can be resolved into a bill text respectively acceptable to both the House and the Senate. The Conference Committee is working from the text of the Senate bill. The provisions of financial reform discussed below are in the midst of negotiation by the conferees and change to the some of the terms is anticipated. We will update the discussion below as the process progresses.

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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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