July 16, 2010
Congress passed this bill yesterday afternoon. The Dodd-Frank “Wall Street Reform and Consumer Protection Act” is not law yet, close, but not quite yet. The Wall Street Reform and Consumer Protection Act of 2009 (H.R. 4173) was passed by the U.S. House of Representatives on December 11, 2009 and the Restoring American Financial Stability Act of 2010 (S. 3217) was passed by the U.S. Senate on May 20, 2010. The Congressional Conference Committee on Financial Regulatory Reform has reconciled the two bills and the final legislation has been named the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Act”) (H.R. CONF. REP. 111-517). The House approved the Act on June 30th and the Senate voted and passed it on July 15. The bill is now on its way to President Obama who is expected to sign the legislation into law soon.
The Dodd-Frank “Wall Street Reform and Consumer Protection Act of 2010 will reform the regulation of the financial industry and will protect consumers and investors. The Act is over 2000 pages long and the news databases are a great place to get the gist of the new impending law. For example, try the following search:
The full text of the House Conference Committee Report at 2010 WL 2671804: H.R. CONF. REP. 111-517
Update: On July 21, 2010, President Obama signed the new legislation into law.
Enrolled version can be found at: 2009 CONG US HR 4173