Financial Regulatory Reform - Conference Report Rolls Back Federal Preemption
Mondaq Business Briefing › United States Law Articles in English (2010)
Linked as:
Extract
Financial Regulatory Reform - Conference Report Rolls Back Federal Preemption
On June 25, 2010, the Senate and House of Representatives conferees ("Conferees") approved the conference report (the "Conference Report") that reconciles the House-passed version of financial regulatory reform ("H.R. 4173") and the Restoring American Financial Stability Act of 2010 recently passed by the Senate (the "Senate Bill"). The original Conference Report included a Financial Crisis Special Assessment that would have paid for the costs of the Conference Report through an assessment on large financial institutions with assets above $50 billion and on hedge funds with assets above $10 billion. After several Senators indicated that they would not vote for the original Conference Report so long as it included the Financial Crisis Special Assessment, on June 29, the Conference Committee reconvened and adopted an alternative funding mechanism, after extensive debate, to meet the House requirement that the costs of the Conference Report be fully paid for and not increase the deficit.
On June 30, by a vote of 237–192, the House passed the revised Financial Regulatory Reform Conference Report. The Senate is currently expected to take up the Conference Report during the ...See the full content of this document
Sponsored links
