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House, Senate "On The Brink Of" Wall Street Reform
By
Jen Chung
Published Jun 25, 2010
Modified Jun 25, 2010
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By
Jen Chung
Published Jun 25, 2010
Modified Jun 25, 2010
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Early this morning, House and Senate leaders agreed on reconciling financial reform legislation. President Obama said, before leaving for Toronto to attend the G20 Summit, "Over the last 17 months, we passed an economic Recovery Act, health insurance reform, education reform, and we are now on the brink of passing Wall Street reform. And at the G20 summit this weekend, I’ll work with other nations not only to coordinate our financial reform efforts, but to promote global economic growth while ensuring that each nation can pursue a path that is sustainable for its own public finances."
The NY Times reports, "A 20-hour marathon by members of a House-Senate conference committee to complete work on toughened financial rules culminated at 5:39 a.m. Friday in agreements on the two most contentious parts of the financial regulatory overhaul and a host of other provisions. Along party lines, the House conferees voted 20 to 11 to approve the bill; the Senate conferees voted 7 to 5 to approve."
The WSJ says, "In two important ways, the agreement is tougher on the banking industry than officials in the Treasury Department anticipated when they first drafted their version of the bill 12 months ago... Lawmakers agreed to a provision known as the "Volcker" rule, named after former Federal Reserve Chairman Paul Volcker, which prohibits banks from making risky bets with their own funds... The bill also includes a provision, authored by Sen. Blanche Lincoln (D., Ark), which would limit the ability of federally insured banks to trade derivatives."
Bloomberg News and the AP have details on the deal. For example, regarding executive pay, "Shareholders would have the right to cast nonbinding votes on executive pay packages. The Fed would set standards on excessive compensation that would be deemed an unsafe and unsound practice for the bank" (AP).
Tagged
banks
economy
financial reform
house
president obama
senate
wall street
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
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