A summary of where we are in the legislative reform process of the financial system.
[BTW: follow me on Twitter – cate_long — tweeting on the conference process)
From an email announcement from the House Financial Services Committee:
The Wall Street Reform Bill: Conference Update
Washington –Last week was a successful week for the House and Senate conferees for the bill to bring accountability to Wall Street. The bill creates a new consumer financial protection watchdog, ends too big to fail bailouts, sets up an early warning system to predict and prevent the next crisis, and brings transparency and accountability to exotic instruments such as derivatives.
The following is a summary of the many provisions agreed to during the House-Senate conference last week.
A list of House and Senate offers and counter offers can be found by clicking here, but please note that there are still open items in each title, and nothing will be final until the conference report is signed by the conferees at the end of this week.
The House-Senate conference will continue its negotiations on the Wall Street Reform and Consumer Protection Act tomorrow at noon in room SD-106, Dirksen Senate Office Building.
Title III
AGREED TO - THRIFT PROVISIONS
· Preserves the Thrift Charter
· Abolishes the Office of Thrift Supervision
· Transfers the Authority of the OTS mainly to the OCC
· Establishes a Deputy Comptroller for Thrifts at the OCC
· Clarifies Branching Authority of thrifts that convert to banks
· House Employee Protections as provided for in the House passed bill.
AGREED TO – New Offices of Minority and Women
AGREED TO – Deposit Insurance Reforms: Permanent increase in deposit insurance for banks, thrifts and credit unions to $250,000, retroactive to January 1, 2008.
(Continued)