Senate Financial Reform Bill Would Impose Additional Corporate Governance and Disclosure Requirements


On May 20, the Senate passed the Restoring American Financial Stability Act of 2010 (the Senate Bill). Although most of the Senate Bill focuses on increased regulation of financial markets and institutions, significant changes to corporate governance and executive compensation and disclosure are also included. The Senate Bill must now be reconciled with the Wall Street Reform and Consumer Protection Act of 2009, which the House passed on December 11, 2009 (the House Bill). Lawmakers are hoping to have a final bill for the President to sign by July 4. Described below are some of the major corporate governance and executive compensation provisions of the Senate Bill and, where appropriate, comparison to the House Bill.

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