U.S. Regulatory – House-Senate panel approves regulatory reform bill with new offsets, Finance bill heads for final votes with bank fees removed, Volcker Rule could give Goldman, Citigroup up to 12 years to unwind funds, Volcker said to be disappointed with final version of his rule, New York Fed probes Wall Street exposure to BP
House-Senate panel approves regulatory reform bill with new offsets
From Imarketnews.com: The House-Senate conference committee on regulatory reform Tuesday evening passed the same bill that it approved Friday morning, except that it includes a different package of offsets to pay for the bill. After a two-hour debate, the revised bill was approved Tuesday on a party line, 27 to 16 vote.
House Financial Services Committee Chairman Barney Frank and Senate Banking Committee Chairman Chris Dodd told reporters after the vote that they believe the package now has enough support to clear Congress soon.
… Initially, Dodd and Frank offered a $22 billion package of offsets to pay for the cost of the bill over a decade as estimated by the Congressional Budget Office.
Under their first plan, about $19 billion over five years would be raised through assessments on large financial institutions and hedge funds. Firms with assets of $50 billion or more and hedge funds managing assets over $10 billion would have to pay into the fund… full article:
Finance bill heads for final votes with bank fees removed
From Bloomberg / Businessweek.com: Democratic lawmakers cleared the way for final votes in the House and Senate on the U.S. financial- regulatory bill after reconvening to make a fix requested by Republican senators, who objected to charging banks and hedge funds $19 billi......................
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