Financial Reform Bill Emerges from Senate Committee

The financial regulatory overhaul bill finally emerged from the Senate Banking Committee yesterday after a 13-10 vote along party lines.  According to many experts surveying the political landscape in Washington D.C., the bill will likely be modified to gain broader support to ensure passage by the full Senate.  Here is what Bloomberg reported about the voting outcome and the bill today.

The final version “will be a much more business-friendly bill,” because Democrats will need to make concessions to win support from Alabama Senator Richard Shelby, the banking panel’s top Republican, said Paul Miller, an analyst at FBR Capital Markets in Arlington, Virginia. “They won’t get a bill done until Dodd and Shelby agree on the compromise, but Republicans do want to get a bill done this year,” said Miller. “So there’s incentive for both sides to come to agreement.”

The likelihood of major regulatory change this year continues to grow.  Are you prepared?  If not, Wheelhouse Advisors can help.  Visit www.WheelhouseAdvisors.com to learn more.