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View Full Version : BREAKING: House-Senate conference approves Wall Street reform




bobbyw24
06-25-2010, 04:18 AM
Lawmakers reached a final deal on a Wall Street reform bill shortly before sunrise Friday after Sen. Blanche Lincoln (D-Ark.) agreed to a compromise with House Democrats on her controversial derivatives crackdown – clearing the way for the broadest rewrite of the nation’s financial regulations since the Great Depression.

Democratic House and Senate conference committee members voted about 5:30 a.m. to approve the changes to the bill — sending it back to both chambers for votes next week and, Democrats believe, to President Barack Obama’s desk soon after. No Republicans voted in favor of the reform package in the conference.

The agreement came after almost 24 straight hours of work in the committee, a marathon session that tested the negotiating skills, patience and endurance of several dozen lawmakers tasked with reconciling two competing approaches to reining in Wall Street.

"This makes a huge difference. No one really thought we could get this done," said Senate Banking Committee Chairman Chris Dodd (D-Conn.). But Dodd also said he didn't know for sure that he had preserved his 60-vote majority in the Senate, in the face of all the changes.

The final piece of the deal fell into place when Lincoln agreed to limit the reach of new derivatives rules to only the riskiest investments, a move to mollify New York lawmakers and moderate Democrats who feared the original plan would cripple Wall Street.

In addition, negotiators agreed to impose the so-called “Volcker rule” that blocks banks from making trades with their own cash – though with a compromise that softened the blow by allowing banks to make modest investments in hedge funds and private equity firms.



Read more: http://www.politico.com/news/stories/0610/38976.html#ixzz0rrJbLbuK

Aratus
06-27-2010, 02:02 PM
senator byrd's condition is more serious. if the bill goes thru the senate, does obama have the votes? (likewise ms. kagan may be confirmed, anyway.)

phill4paul
06-27-2010, 02:31 PM
When was the last time that Washington didn't get what Washington wanted? They pass laws now regardless of the Constitution or the peoples will. They will continue to do so.

QueenB4Liberty
06-27-2010, 02:32 PM
When was the last time that Washington didn't get what Washington wanted? They pass laws now regardless of the Constitution or the peoples will. They will continue to do so.

Pretty much. I'm not surprised anymore.

Noob
06-27-2010, 04:31 PM
is Codex still part of it? if it is, than say bye bye to your vitamins.