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Friday, December 11, 2009

House Approves Bank Reform

by Calculated Risk on 12/11/2009 02:33:00 PM

Note: Mortgage cram downs were defeated.

From CNBC: What's In the House Financial Services Reform Bill

  • Creates the Consumer Financial Protection Agency (CFPA).

  • Creates inter-agency Financial Stability Council

  • Provides dissolution authority for “Too Big to Fail”

  • Executive Compensation: "enables regulators to ban inappropriate or imprudently risky compensation practices, and it requires financial firms to disclose any compensation structures that include incentive-based elements."

  • More Investor Protections

  • Regulation of Derivatives

    From the NY Times: House Votes to Tighten Regulation of Wall Street