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Financial Stability Act Passes in the Senate
May 21, 2010
FEI Summary
On the evening of May 20, 2010, The United States Senate voted to approve S. 3217 - Restoring American Financial Stability Act of 2010, by a vote of 59 to 39. For a full FEI summary of the amendments and Senate deliberations, click here. See also earlier FEI summary relating to Credit Rating Agencies.
Now leaders in the House and Senate will attempt to reconcile differences between the two bills on provisions such as the Consumer Protection Bureau, the regulation of over-the-counter derivatives and the end-user exemption to such regulation, the systemic risk council as well as others.
FEI’s Committee on Corporate Treasury has been following debate on this bill for the past year, and will continue to follow the process through the House and Senate Conference. In particular, the committee has been advocating for the safe and fair regulation of over-the-counter derivatives, citing a need to protect end-user transactions, such as hedging foreign exchange risk, interest rate risk or commodity hedges, while at the same time agreeing that additional transparency should be brought to the system.
Posted May 21, 2010 by Cady North (cnorth@financialexecutives.org) manager of Government Affairs, Financial Executives International (FEI). This summary does not represent FEI opinion unless specifically noted above.
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