Financial regulatory reform is reaching the legislative end game.  On May 22, 2010, the United States Senate passed the Restoring American Financial Stability Act of 2010 (the “Senate bill”) by a vote of 59 to 39. The Senate bill is the culmination of nearly a year of work by the Senate – including a month of floor debate – all designed to craft a comprehensive financial reform package.  It is heavily influenced by the Obama Administration’s regulatory reform package released last summer as well as the House of Representatives’ Wall Street Reform and Consumer Protection Act (the “House bill”), passed by the House of Representatives on December 11, 2009.

In the coming weeks, the Senate and the House of Representatives will conference, probably televised, and resolve the differences between their bills. Congress is aiming to send a compromise bill to President Obama for his signature by the July 4th holiday weekend. While the Congressional conferees are not yet certain, press reports indicate that the Senate members will include, from the Democratic side of the aisle, Senators Dodd, Johnson, Harkin, Leahy, Lincoln, Reed and Schumer, and, from the Republican side of the aisle, Senators Corker, Chambliss, Crapo, Gregg and Shelby.

House Financial Services Committee Chairman Barney Frank has suggested that the Democratic House conferees be himself and Representatives Gutierrez, Kanjorski, Maloney, Meeks, Moore (KS), Waters and Watt.  The Republican conferees have not yet been reported.

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