Home > Boards > The Lounge > Politics > Zeev's Turnips Talk Politics (ZTTP)

FinReg Complete, and Banks Stuck With $20 Billion

Public Reply | Private Reply | Keep | Last ReadPost New MsgNext 10 | Previous | Next
StephanieVanbryce Member Profile
 
Followed By 78
Posts 82,898
Boards Moderated 2
Alias Born 12/26/03
160x600 placeholder
StephanieVanbryce   Friday, 06/25/10 12:13:32 PM
Re: StephanieVanbryce post# 495675
Post # of 495952 
FinReg Complete, and Banks Stuck With $20 Billion Tab for Implementation

6/25/10 9:18 AM

It is over. After a marathon 20-hour session, the conference committee reconciling the House and Senate versions of financial regulatory reform completed their work. All Democrats and no Republicans voted for the final package, and conference committee wrapped up around 5:40 a.m.

A version of both the Volcker Rule — banning banks from proprietary trading — and a provision to force banks to spin off swap desks made it into the final day, and I’ll look more closely at what language actually made it through later on.

But one small detail: At 2:52 a.m., Rep. Barney Frank (D-Mass.), the head of the conference committee, inserted a provision into the bill. It sticks banks with more than $50 billion in assets and hedge funds with more than $10 billion in assets with the costs of implementing the reforms. It made it in.

http://washingtonindependent.com/88447/finreg-complete-and-banks-stuck-with-20-billion-tab-for-implementation


Public Reply | Private Reply | Keep | Last ReadPost New MsgNext 10 | Previous | Next
Follow Board Follow Board Keyboard Shortcuts Report TOS Violation
X
Current Price
Change
Volume
Detailed Quote - Discussion Board
Intraday Chart
+/- to Watchlist