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House Approves Conference Report on Dodd-Frank Wall Street Reform and Consumer Protection Act
Financial Regulatory Reforms Update
June 30, 2010
On June 25, 2010, by separate votes along strict party lines of 20 to 11 and 7 to 5, House and Senate conferees separately approved the Conference Committee Report on the financial regulatory reform bill, H.R. 4173, now known as the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Act”) . Different versions of the Act had been approved by the House in December and by the Senate in May. Following reaction by some legislators to the so-called “bank tax” to fund the estimated $22 billion administrative and other costs of the Act over ten years, conferees reconvened on June 29 to adopt an alternative funding mechanism provision by a similar partisan vote. House Financial Services Chairman Barney Frank presided over the seven-plus days of televised public hearings of the conferees. The Act was approved by the House on June 30 by a 237 to 192 vote, with Senate action to follow. President Obama is expected to sign the measure into law shortly after final approval by the Senate. Except for certain provisions that we have highlighted, the Act will generally take effect one day after the date of enactment. This Sidley update discusses the key provisions of the Act.
On July 13, we hosted a program to explain the new Financial Regulatory Reform legislation. Sidley lawyers from a range of practice disciplines discussed the implications of the new legislation. The program was presented as a webinar, and a digital audio replay of the presentation is available until Monday, September 13, 2010 at 11:59 p.m. Eastern. The dial-in numbers are (USA) (800) 475-6701 or (International) (320) 365-3844. Enter Access Code: 164512. Please note this replay option is not approved for CLE credit.