U.S. Congress Nears Completion of Landmark Financial Services Reform Legislation
On June 30, 2010, the U.S. House of Representatives approved the most sweeping financial reform legislation in decades, entitled the “Dodd-Frank Wall Street Reform and Consumer Protection Act.” The U.S. Senate has yet to vote on the legislation, but it is widely anticipated that it will be approved by the Senate when it reconvenes on July 12. Once enacted, the legislation will have far-reaching implications, affecting virtually every segment of the financial services industry and its customers. This memorandum provides a summary of the key provisions in the legislation.