MARATHON SESSION LEADS TO BREAKTHROUGH ON WALL STREET REFORM…. It wasn’t easy, it wasn’t quick, and it wasn’t pretty, but seemingly-endless negotiations have produced a sweeping Wall Street reform package ready to be approved by both chambers.
Nearly two years after the American financial system teetered on the verge of collapse, Congressional negotiators reached agreement early Friday morning to reconcile competing versions of the biggest overhaul of financial regulations since the Great Depression.
A 20-hour marathon by members of a House-Senate conference committee to complete work on toughened financial regulations culminated at 5:39 a.m. Friday in agreements on the two most contentious parts of the financial regulatory overhaul and a host of other provisions. Along party lines, the House conferees voted 20 to 11 to approve the bill; the Senate conferees voted 7 to 5 to approve.
Members of the conference committee approved proposals to restrict trading by banks for their own benefit and requiring banks and their parent companies to segregate much of their derivatives activities into a separately capitalized subsidiary.