I. General Overview of Financial Regulatory Reform
On Thursday, May 20, 2010, the U.S. Senate completed its work on a historic overhaul of the financial services regulatory system, passing the Restoring American Financial Stability Act of 2010  (Senate Bill) by a vote of 59 – 39. This milestone is one of the last steps in a legislative process that began nearly two years ago with Congressional hearings on a financial crisis that saw hundreds of thousands of jobs lost, foreclosures skyrocket, home values plummet and erased billions of dollars from the U.S. economy.
The Senate Bill has many similarities with the Wall Street Reform and Consumer Protection Act of 2009  (House Bill) passed by the U.S. House of Representatives in December 2009. However, there remain several significant differences between the Senate Bill and the House Bill which will need to be reconciled before Congress approves final legislation for the President to sign into law. In some provisions, including consumer financial protection and the regulation of over-the-counter derivatives, the Senate Bill imposes more restrictive measures than the House Bill.
 S. 3217.
 H.R. 4173.