FinReg Complete, and Banks Stuck With $20 Billion Tab for Implementation
It is over. After a marathon 20-hour session, the conference committee reconciling the House and Senate versions of financial regulatory reform completed their
Jul 31, 2020341.6K Shares5.9M Views
It is over. After a marathon 20-hour session, the conference committee reconciling the House and Senate versions of financial regulatory reform completedtheir work. All Democrats and no Republicans voted for the final package, and conference committee wrapped up around 5:40 a.m.
A version of both the Volcker Rule — banning banks from proprietary trading — and a provision to force banks to spin off swap desks made it into the final day, and I’ll look more closely at what language actually made it through later on.
But one small detail: At 2:52 a.m., Rep. Barney Frank (D-Mass.), the head of the conference committee, inserted a provision into the bill. It sticks banks with more than $50 billion in assets and hedge funds with more than $10 billion in assets with the costs of implementing the reforms. It made it in.
Paolo Reyna
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Paolo Reyna is a writer and storyteller with a wide range of interests. He graduated from New York University with a Bachelor of Arts in Journalism and Media Studies.
Paolo enjoys writing about celebrity culture, gaming, visual arts, and events. He has a keen eye for trends in popular culture and an enthusiasm for exploring new ideas. Paolo's writing aims to inform and entertain while providing fresh perspectives on the topics that interest him most.
In his free time, he loves to travel, watch films, read books, and socialize with friends.
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