House Begins Debate On Sweeping Financial Regulation

House Begins Debate On Sweeping Financial Regulation - 12/10/2009

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HEADLINE NEWS:

House Begins Debate On Sweeping Financial Regulation
Kevin G. Hall

McClatchy Newspapers. December 10, 2009
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EXCERPT: Roughly 15 months after the global financial system teetered on the brink of a cataclysmic implosion, the House of Representatives on Thursday began debating the most sweeping rewrite of financial regulation since the Great Depression. The House began considering 36 amendments, after House leaders whittled down the 200-plus offered for consideration. That's more amendments than were offered on the health care legislation that moved through the House earlier this year, and it speaks to the contentious nature of financial revisions. Just earlier this week, the House vote was uncertain as moderate Democrats threatened to withhold their support unless they got the chance to offer pro-business amendments. The Treasury Department and House Financial Services Committee Chairman Barney Frank, D-Mass., agreed to give them more room to offer amendments. Frank's own "manager's amendment," reserved for the person who's shepherding the legislation through the voting process, included 51 provisions that incorporated amendments that had been among the more than 200 offered for consideration. Voting on the 36 amendments is to conclude Friday, followed by an expected vote on the broad Wall Street Reform and Consumer Protection Act of 2009 as amended. Frank's legislation stitches together a number of regulatory bills that moved this year through the House Financial Services Committee and the House Agriculture Committee. These bills would:_ Provide first-ever regulation for exotic financial instruments such as the insurance-like credit-default swaps._ Abolish the Office of Thrift Supervision._ Create a Financial Services Oversight Council to police the financial system._ Create a Consumer Financial Protection Agency to regulate consumer credit products such as mortgages, payday loans and credit cards.

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