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May 24, 2010

Wall St. critic Frank to head US reform bill panel

WASHINGTON, May 24 (Reuters) – Representative Barney Frank,
a fierce critic of Wall Street and close ally of the Obama
administration, will head a House-Senate committee to hammer
out a final bill on financial regulation reform.

Joining Frank on the panel will be Senator Christopher
Dodd, the Democratic author of a Senate bill on the issue, as
well as Democratic Senator Blanche Lincoln and Republican
senators Richard Shelby and Saxby Chambliss, aides said.

May 21, 2010

Banker knives out for U.S. House-Senate reform panel

WASHINGTON (Reuters) – Wall Street will brandish its loophole-carving knives next week as the U.S. Congress moves to a House-Senate conference on merging the two chambers’ sweeping bills to tighten financial regulation.

Political momentum over three weeks of Senate debate favoured reformers and overwhelmed the financial services industry, which was unable to stop amendments that threatened its profit forecasts, if not its core business models.

May 21, 2010

Banker knives out for House-Senate reform panel

WASHINGTON (Reuters) – Wall Street will brandish its loophole-carving knives next week as the Congress moves to a House-Senate conference on merging the two chambers’ sweeping bills to tighten financial regulation.

Political momentum over three weeks of Senate debate favored reformers and overwhelmed the financial services industry, which was unable to stop amendments that threatened its profit forecasts, if not its core business models.

May 21, 2010

Senate approves sweeping Wall St. reform bill

WASHINGTON (Reuters) – The Senate approved a sweeping Wall Street reform bill on Thursday night, capping months of wrangling over the biggest overhaul of financial regulation since the 1930s.

By a vote of 59 to 39, the Senate awarded a victory to President Barack Obama, a champion of tighter rules for banks and capital markets after a 2007-2009 financial crisis that slammed the economy and led to massive taxpayer bailouts.

May 21, 2010

Final vote on Wall Street reform bill seen in Senate

WASHINGTON (Reuters) – The Senate will pass a sweeping reform of financial regulation on Thursday night, said an aide to Senate Democratic Leader Harry Reid, capping months of wrangling over the biggest overhaul of financial rules since the 1930s.

“We’re passing this bill tonight,” Reid spokesman Jim Manley told reporters in the Capitol.

May 20, 2010

Sweeping Wall Street reform bill advances in Senate

WASHINGTON (Reuters) – The U.S. Senate was expected by the end of the week to approve the biggest overhaul of financial regulations since the 1930s after the measure finally cleared a procedural hurdle on Thursday.

The legislation is one of President Barack Obama’s top domestic priorities. If passed, it would increase restrictions on the banking industry and some say reduce profits.

May 20, 2010

Rep Frank draws line with Senate on bank trading

WASHINGTON (Reuters) – Representative Barney Frank, author of Wall Street reforms in the U.S. House of Representatives, said on Thursday that certain House proposals on financial firm regulation and bank trading limits must be preserved in negotiations with the Senate.

As the Senate neared passage of its own reform bill, Frank moved to position himself for upcoming talks on an agreed package that the two chambers of Congress will later send to President Barack Obama to be signed into law.

May 20, 2010

Senate-House struggle ahead on Wall St reform

WASHINGTON (Reuters) – Approval of a landmark Wall Street reform bill in the U.S. Senate looks likely and that points toward the next step — a House-Senate agreement.

The House of Representatives approved a bill in December. The Senate may approve its bill on Thursday or Friday after the measure passed a procedural test vote.

May 20, 2010

Democrats expect to advance Wall St reform bill

WASHINGTON (Reuters) – U.S. Senate Democrats expected to have the votes needed on Thursday afternoon to advance the biggest overhaul of financial regulation since the 1930s, which was seen winning final approval within days.

One of President Barack Obama’s top domestic priorities, the bill stumbled over a procedural roadblock on Wednesday. But a senior aide said Democrats expect to have the votes needed when they try again later on Thursday to move ahead.

May 20, 2010

US Senate Democrats try to advance Wall St reform bill

WASHINGTON, May 20 (Reuters) – U.S. Senate Democrats on
Thursday hunted for votes needed to advance a major overhaul of
financial regulations that was still widely expected to win
final passage within days.

One of President Barack Obama’s top domestic priorities,
the bill stumbled over a procedural roadblock on Wednesday.
Analysts said the banking industry would benefit if the bill is
approved sooner, rather than later.