Financial reform law - the conference text

[Cate Long]

The House and Senate conference committee on financial reform
completed merging the House and Senate text early last Friday.

The finalized text was posted on the internet last night and you can
see it and a short summary at these links.

~ ~ ~ A ten page summary of the Dodd-Frank reform act ~ ~ ~

http://financialservices.house.gov/Key_Issues/Financial_Regulatory_Reform/comprehensive_summary.pdf

~ ~ ~ The full text of the Dodd-Frank act ~ ~ ~

http://financialservices.house.gov/Key_Issues/Financial_Regulatory_Reform/Financial_Regulatory_Reform062410.html

This is the first time in our nation that a conference committee was
conducted in public and broadcast on C-Span and this is the first time
that proposed legislation is available for public review 72 hours
before Congress takes it's final vote on the issue.

My own view is that it did help strengthen the law to make the process
more transparent.

Previously only Washington lobbyists had access to early drafts of
legislation and would often word-smith them.

Because we had a more transparent process a much broader community of
stakeholders were able to comment on this legislation as it was
developed. This lessened ( a little ) the influence of lobbyists.

The banks still dominate the rule writing process but sunlight creates
the opportunity for a more level playing field. Bring on the sun!