Posted on May 22, 2010 by Daniel O'Rielly

Senate Passes Financial Regulatory Bill

The U.S. Senate yesterday passed the financial regulatory bill, S.3217, the "Restoring American Financial Stability Act."  The comprehensive bill includes broad new regulation of derivatives, executive compensation, systemic risk, investor rights, mortgages, credit-rating agencies, hedge funds and private equity, insurance, and consumer financial protection.

Significantly, this Senate version of financial regulation calls for a new, quasi-independent Bureau of Consumer Financial Protection within the Federal Reserve.  The House version of financial regulation, passed in December, would create an independent, free-standing Consumer Financial Protection Agency.  Both the House and Senate bills would limit federal preemption of consumer finance laws in certain ways.  The Senate bill includes a detailed preemption provision.

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