A joint Senate-House of Representatives conference committee convened at 2:15 p.m. EDT to begin merging competing bills from each chamber into what will be the biggest overhaul of the financial rules since the 1930s. Columnist John Kemp explains the simple conference process and the not so simple reality of merging the House of Representatives and Senate versions of the financial reform bill. The "base text" for the regulatory bill is here.
Financial Regulatory Forum
Just a few minutes after the Senate failed for a third time in as many days to reach the 60-votes needed to approve a cloture motion on the financial reform bill (failing 56-42), Senate Majority Leader Harry Reid rose to his feet and asked the chamber’s presiding officer: “Mr President, I now ask unanimous consent the motion to proceed to S 3217 be agreed to”.
After the president officer asked for objections, and heard none, he replied “Without objection, it is so ordered”, according to the Congressional Record, Reuters columnist John Kemp writes. (more…)
Senators quizzing Goldman Sachs executives yesterday seemed at least as concerned about the wider ethical issues of investment banking as they did about the actual charges that the SEC has laid against Goldman, writes John Manley. (more…)
Senate Majority Leader Harry Reid has scheduled another vote on financial reform later today, the fourth such vote in three days, as he tries to grind down opposition from Senate Republicans, writes Reuters columnist John Kemp. (more…)
Goldman Sachs has “a lot to answer for,” Sen. Carl Levin said ahead of a hearing that will focus on the role investment banks played in the financial crisis. Lawmakers have been pressing for more information ever since the SEC accused Goldman of fraud for its role in underwriting a controversial subprime security. Thomson Reuters’ WG&L Accounting & Compliance Alert looks at the issues. Click here for more details. (more…)
By Kevin Drawbaugh
WASHINGTON, April 13 (Reuters) – The White House said “yes we can” on financial regulatory reform on Tuesday, while the top Republican in the U.S. Senate said “no we won’t.” (more…)
WASHINGTON, April 12 (Reuters) – The Obama administration will resist any efforts to weaken a “comprehensive and strong” change to the way the U.S. financial system is regulated that lawmakers are now debating, Deputy Treasury Secretary Neal Wolin said on Monday. (more…)
By Kevin Drawbaugh and Karey Wutkowski
WASHINGTON, March 16 (Reuters) – The new financial reform bill introduced in the U.S. Senate will likely be approved at the committee level next week, but its shape could change substantially once it comes before the full Senate and winning Republican support comes into play, analysts said on Tuesday. (more…)