House Passes Wall Street Reform and Consumer Protection Act

by Margaret E. Tahyar, for The Harvard Law School Forum at Harvard Law School, December 29, 2009.

Financial sector reform legislation continues to progress through Congress. Earlier this month, the House of Representatives passed its version of the legislation, summarized in this Davis Polk memorandum. The Senate is expected to begin discussion of its draft of the legislation when it returns in January 2010.

The House bill, named the Wall Street Reform and Consumer Protection Act, is an omnibus bill covering all major financial sector legislative reforms under consideration by Congress. As the Wall Street Reform and Consumer Protection Act passed by a narrow vote of 223 to 202, with all Republicans and 27 Democrats voting no, it is clear that many elements remain controversial and subject to change in the Senate. The Senate debate is likely to start with Senate Banking Chairman Christopher Dodd’s proposal, published in November 2009, summarized in this Davis Polk memorandum.

As has been widely reported, the House and Senate proposals differ significantly in the institutional arrangements and the role of the Federal Reserve. However, their impact on the day-to-day business models of major financial institutions is strikingly similar…(continue reading)

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