On Wednesday, June 30, 2010, the U.S. House of Representatives approved the House-Senate conference committee’s financial regulatory reform legislation, the “Dodd-Frank Wall Street Reform and Consumer Protection Act” (the “Dodd-Frank Bill”). The final vote was 237 – 192.
This update briefly summarizes a number of the key provisions of the Dodd-Frank Bill. This historic legislation is, however, merely the end of the first phase of modernizing our financial regulatory reform system. Congress has delegated a significant amount of authority in this bill by directing a series of rule makings by various agencies, including the U.S. Securities and Exchange Commission (SEC), the Federal Reserve Board of Governors (Federal Reserve), the Commodity Futures Trading Commission (CFTC) and the Federal Trade Commission (FTC).
Interested stakeholders should view the current timing as an opportunity to engage regulators as the process of enacting rules to implement this legislation gets underway.