FinReg Passes Conference: Details on Volcker Rule, Section 716 Provisions

By: Friday June 25, 2010 6:28 am

Lawmakers worked into the night and came up with an oddly unsatisfying compromise on the two most contentious issues left in financial reform, with the final package voted upon at 5:30 this morning (ET). But hey, that was on C-SPAN, so eight people did probably get to see it. Transparency! This bill has officially been [...]

Derivatives Title Takes Center Stage Amid Impasse

By: Thursday June 24, 2010 12:58 pm

The FinReg conference committee is finally getting around to the derivatives title this afternoon, and they’re working without a net. There is no deal currently in place that would mollify corporate-friendly Democrats trying to protect their wealthy contributors on Wall Street and reformers who want to reduce risk in the system and bring the derivative [...]

McMahon Becomes First To Threaten No Vote on FinReg

By: Thursday June 24, 2010 11:18 am

This is the first pure threat I’ve heard from a House member on the Wall Street reform bill. It comes from Blue Dog and member of the New York delegation Mike McMahon. His rationale is ridiculous: Rep. Michael McMahon (D., N.Y.) said in an interview today that he will vote against the financial overhaul bill [...]

Lincoln Kabuki Good Omen for Derivatives Title

By: Wednesday June 23, 2010 2:20 pm

Earlier, I noted the House offer on derivatives, which will be a focus of tomorrow’s final FinReg conference committee meeting. It’s not bad, it actually strengthens in places (like closing the enforcement loophole, something sought by Maria Cantwell), and the weakening pieces aren’t all that crucial. The exchange and clearinghouse requirements remain, as does Section [...]

DeLauro, Speier, Stupak Assemble Pro-Reform Letter As FinReg Reaches Critical Stage

By: Wednesday June 23, 2010 12:59 pm

I’ve been telling you about the critical concessions in the last days of the FinReg conference committee. Let’s step back a second. This bill won’t end too big to fail. It won’t protect the country to enough of a degree in the event of the next crisis. But it could do some positive things that [...]

Black Tuesday: FinReg Goodies Handed Out to One Industry After Another

By: Wednesday June 23, 2010 6:15 am

Yesterday was a singularly unimpressive day at the Wall Street reform conference committee, with concessions and industry giveaways galore. It was not completely devoid of success. Despite being housed inside the Federal Reserve rather than as an independent agency, the Consumer Financial Protection Bureau retained its independent budget and somewhat independent rulemaking authority (the Office [...]

Who Are the FinReg Villains?

By: Friday June 18, 2010 1:51 pm

After the first week of the conference committee for Wall Street reform, I would call the verdict middling. Reformers have won some victories – all hedge funds and private equity firms will have to register with the SEC, credit rating agencies will be on the hook for standard liability for negligence, the Fed audit is [...]

Swaps Trading Desk Spin-Off Intact

By: Friday June 18, 2010 7:39 am

The Wall Street reform conference committee doesn’t meet today, as they wrapped up most of their work on the first week of the conference last night. Fawn Johnson at Dow Jones offers a wrap-up on the key issues, including the Collins amendment on capital requirements: Lawmakers also are haggling over whether and how to grandfather [...]

Carl Levin on Volcker Rule and Sec. 716: “It’s not one or the other.”

By: Thursday June 17, 2010 2:24 pm

Bank lobbyists and their defenders in Congress have argued that there’s no need for Section 716, the part of the derivatives title that forced the big banks to spin off their swaps trading desks into separately capitalized subsidiaries, is redundant and irrelevant, because a strengthened Volcker rule would accomplish the same goals. Never mind that [...]

New Dems, NY Reps Wage All-Out Assault on Derivatives Reform

By: Wednesday June 16, 2010 10:00 am

Derivatives won’t officially come up in the Wall Street reform conference committee until next week. But we’re already seeing a lot of behind-the-scenes work. Blanche Lincoln, that tireless slayer of Wall Street dragons, has already softened her Section 716 reform to spin-off the lucrative swaps trading desk. Not everyone is totally worried by these changes; [...]

Lincoln Offers Big Exemption to Community Banks from Section 716

By: Tuesday June 15, 2010 6:00 am

I wrote yesterday that Blanche Lincoln was “considering” some new language to her derivatives title, including a two-year ramp-up period and a “study” put together by the banking lobby monitoring the effect of spinning off the swap trading desks. I was a little concerned about the study, but the spin-off to subsidiaries would have to [...]

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