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.
It’s been a busy day on the regulatory front. The New York Attorney General’s office is investigating eight banks for possibly misleading ratings agencies on the quality of mortgage securities, a source says. The Fed is conducting a broad criminal investigation into whether major Wall Street financial firms misled investors on mortgage bond deals, another source says.