This afternoon, the Senate passed H.R.4173, the Wall Street Reform and Consumer Protection Act on a 60-39 vote.

The bill is the most comprehensive regulatory reform of the financial services industry since the Great Depression.  It includes provisions that would require the Securities and Exchange Commission to conduct a six-month study of the standards of care used by brokers, dealers and investment advisors; establish a Consumer Finance Protection Agency; preempt implementation of SEC Rule 151a; and establish a Federal Office of Insurance.

The bill will now go to White House where President Obama is expected to sign the bill into law.

Please contact Mark Valentini at 703-383-3073 or mvalentini@nailba.org with questions about NAILBA's efforts on regulatory reform or other legislative initiatives.