Senate Financial Reform Bill Would Dramatically Step Up Regulation of U.S. and Non-U.S. Private Fund Advisers
By: Edward G. Eisert, Mark D. Perlow, Megan B. Munafo
On Thursday, May 20, 2010, the Senate voted 59-39 to adopt the financial services bill now known as H.R. 4173, the “Restoring American Financial Stability Act of 2010” (the “Senate Bill”). The Senate Bill is based on the draft Chairman’s Mark released by Senate Banking Committee Chairman Chris Dodd (D-CT) on March 15, 2010, as amended by a package of technical amendments. A bipartisan Congressional conference committee has now been constituted to resolve the differences between the Senate Bill and the House bill, which has the same bill number, but is entitled “The Wall Street Reform and Consumer Protection Act of 2009,” passed by the House on December 12, 2009 (the “House Bill”). The Democratic Congressional leadership anticipates that these differences can be resolved and a final bill presented to the President for enactment into law by early July.
To view the complete alert online, click here.
