Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Friday, December 11, 2009

House Passes Financial Regulation Overhaul

After three days of floor debate, the House voted, 223-202, to overhaul government regulation of the financial markets.  Among the bill's notable features:

  • Heightened supervision of large financial institutions, including higher capital and liquidity requirements (through a newly created Financial Stability Council);
  • New goverenment authority to break up institutions "too big to fail;"
  • New government authority to handle failures of large financial services firms;
  • Establishment of a Consumer Financial Protection Agency (despite a Democratic bid to kill it);
  • Regulation of OTC derivatives;
  • Shareholder advisory vote on executive compensation;
  • Registration of hedge fund advisors.

No Republicans supported the legislation, and 27 Democrats voted against it. The focus now turns to the Senate and its consideration of parallel legislation.

The House Financial Services Committee press release describing the legislation is here.

For media coverage, see:

WSJ, House Passes Sweeping Financial Oversight Bill

NYTimes, House Passes Far-Reaching Bill Tightening Financial Rules

WPost, House approves sweeping regulatory reform package

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Nice Post. I really like the media coverage links for additional information. You can also find more commentary from the chairman of CBOE at about OTC derivatives.

Hope you like it!

CBOE Advocate

Posted by: cboenews | Dec 14, 2009 9:11:59 AM

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