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State of Play: Senate Financial Reform

February 2, 2010 - by Donny Shaw

It's been almost two months since the House of Representatives passed their bill to overhaul regulations in the financial markets and implement some of the lessons learned from the financial crisis. The Senate, on the other hand, still hasn't taken up the issue. Since November, the Senate Banking Committee has been working to modify a draft version of a financial reform bill that was submitted by Chairman Chris Dodd [D, CT]. The committee has already missed several deadline for completing the bill and forwarding it to the full Senate, and they're now looking at trying to get it done before the President's Day recess, which begins on Feb. 12.

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On Wednesday, the House Financial Services Committee will begin its mark-up of the Consumer Financial Protection Agency Act of 2009. This is the first bill Congress will take up to fulfill President Obama's effort to re-regulate the financial markets. Click through to read the details of the CFPA legislation.

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