
Search Site:	Friday, May 25, 2012 \| Bookmark This Site

Home

Markets

News

Conference Committee Passes Financial Overhaul

Final votes on the floor are expected this week in both House and Senate.

Compiled by staff

Published: Jun 28, 2010

Without the support of a single Republican key House and Senate lawmakers reached an agreement on new financial rules Friday and set up a potential vote in both houses of Congress this week that could have the legislation on Obama's desk by July 4. The House is expected to vote on the report Tuesday or Wednesday, with a possible Senate vote Wednesday or Thursday. On the House side the vote on the conference report was 20 to 11. On the Senate side the vote was seven to five. Senator Chris Dodd, D-Conn., says lawmakers believe they've done something that has been needed for a long time. President Obama said the legislation will strengthen the U.S. economy in a number of ways and make the financial system more transparent.

The bill largely reflects the administration's original plan unveiled about a year ago, which would establish broad new oversight of the financial system including a new consumer protection bureau housed in the Federal Reserve. Senate Agriculture Chair Blanche Lincoln, D-Ark., agreed to scale back her controversial provision that would have forced big banks to spin off their lucrative derivatives-dealing businesses. House Agriculture Chair Collin Peterson, D-Minn., introduced a proposal, agreed to by the Senate in the wee hours of the morning, that would compel banks to spin off their riskiest derivatives trades while still allowing banks to hold onto certain derivatives trading related to interest rates, currency rates, gold and silver.

Senator Judd Gregg, R-N.H., says the legislation is a failure because it won't encourage much-needed stability and confidence in the nation's financial markets and it won't significantly reduce systemic risk in the nation's financial sector.

Permalink: Click here

Comments

Read comments from others and share your own thoughts.

Please provide the answer to the following question:

=

Search this site:

Read More Stories

USDA Seeks Comment on Report Timing

With new market hours,USDA is looking into the right time to release information to the market.

Read this story


Weekend Forecast Changes Pivotal for Grain Futures

Europe remains a concern, but the big driver on Tuesday will likely be the state of next week’s anticipated Midwest rains.

Read this story


Farm Markets Rise Ahead of Holiday

Overnight boost based on positive comments from Europe aimed at pressuring Germany.

Read this story

Morning Call by Bryce Knorr

Farm Markets Rise Ahead of Holiday

Livestock Call By John Otte

Afternoon Recap by Arlan Suderman

Satellite Imagery Shows the Good and the Bad

CME Group Alters Hours…Again

USDA Seeks Comment on Report Timing

The Buzz: Grain Market Chaos Continues

Farm Bill Heads for Senate Floor

Weekend Forecast Changes Pivotal for Grain Futures

Top 50 Tags
4-H afternoon recap American Farm Bureau Federation American Soybean Association animal health arlan suderman biodiesel biofuels bryce knorr BSE Bushel checkoff cotton Drought Environmental Protection Agency EPA ethanol Extension extension service farm farm bill Farm Bureau farm futures farm futures magazine farm futures market farm progress Farm Service Agency farmfutures farmfutures.com farming farmprogress.com fertilizer FFA free trade agreement Harvest insurance labor legal National Cattlemen's Beef Association National Corn Growers Association NCGA soybean soybean association soybeans SURE usda wheat winter wheat www.farmfutures www.farmfutures.com

Conference Committee Passes Financial Overhaul

Account

Information Center

About

Products

Toolbox

Case IH Power Tab