Senate Passes Financial Reform Bill

Dodd’s 3 million page financial reform legislation passed the Senate last night.  The Glass-Steagall stuff keeping commercial banks away from Wall Street didn’t make it into the final version.

The removal of banks from prop trading activities will have to be voted on as a standalone amendment, but it will not happen.  They tied it to some ridiculous Sam Brownback amendment to protect car dealers from the consumer protections of the bill.  This two-headed monster of an amendment will, of course, not see the light of day.  The Dems get to save face and show the public they tried while not really angering their biggest donor, Wall Street and the banks.

Next stop is the reconciliation process as the Senate and House smoosh their bills together for a final version.  They’re not very far apart so expect this to happen briskly.  Oh, and expect an Obama press conference and victory lap.

Here’s Liz Moyer of Forbes with the details:

The Senate passed a financial regulatory bill Thursday evening that would be the most sweeping reform of the banking system since the 1930s.

Approved by a 59-39 margin, with two Democrats voting against it and four Republicans voting in favor, it now has to be reconciled with a bill approved by the House of Representatives in December before President Barack Obama can sign it. The Obama administration, which put financial reform among its three top priorities alongside health care reform, has said it wants to have a hand in the finalization of the bill.

Read the rest:

Score Another For Obama (ForbesStreetTalk)

This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Ritholtz Wealth Management employees providing such comments, and should not be regarded the views of Ritholtz Wealth Management LLC. or its respective affiliates or as a description of advisory services provided by Ritholtz Wealth Management or performance returns of any Ritholtz Wealth Management Investments client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Wealthcast Media, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. Investments in securities involve the risk of loss. For additional advertisement disclaimers see here:

Please see disclosures here.

What's been said:

Discussions found on the web
  1. airport taxi cheltenham commented on Sep 17

    … [Trackback]

    […] Read More on to that Topic: […]

  2. sex commented on Sep 18

    … [Trackback]

    […] Read More on that Topic: […]

  3. Immediate Edge Review commented on Sep 21

    … [Trackback]

    […] Here you will find 22040 more Info to that Topic: […]

  4. best online wigs commented on Sep 25

    … [Trackback]

    […] Info on that Topic: […]

  5. winstrol kalpa pharma commented on Oct 21

    … [Trackback]

    […] Find More Info here to that Topic: […]

  6. reddit cbd commented on Nov 27

    … [Trackback]

    […] There you can find 39843 additional Information to that Topic: […]

  7. rbc bank online login commented on Dec 04

    … [Trackback]

    […] There you can find 671 more Info to that Topic: […]

  8. Click Here commented on Dec 12

    … [Trackback]

    […] Read More to that Topic: […]

  9. Sexy commented on Dec 28

    … [Trackback]

    […] Read More on that Topic: […]

  10. Devops commented on Jan 12

    … [Trackback]

    […] Find More on that Topic: […]

  11. PRO-SERIES PS07216 manuals commented on Jan 21

    … [Trackback]

    […] Info to that Topic: […]

  12. Kimber Kimber America commented on Jan 22

    … [Trackback]

    […] Read More Info here on that Topic: […]