"On May 21st, by a vote of 59 to 39, the Senate passed the Restoring American Financial Stability Act of 2010 (Senate Bill 3217) to impose wide ranging reforms in the financial services industry. The Bill will impact virtually all providers and consumers of financial services. While the Bill addresses some of the more politically popular issues, such as the too big to fail dilemma, it fails to remedy other areas that were clearly complicit in the 2008 crisis, including Fannie Mae and Freddie Mac. The Senate bill must be reconciled with legislation passed by the House in December, with the intent that a final version be presented to the President by early July." Download the complete article by
Robert T. Smith and
Bryan W. Duke here.