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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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If "Reinstate Glass-Steagall" didn't sound so arcane, it would have been the lead rallying cry for the financial reform movement over the last year. More than any other act of Congress, the 1999 law to repeal the Glass-Steagall Act, a New-Deal-era law separating commercial banking from investment banking, has been named as a main cause of the collapse and, more significantly, the resulting bailouts of "too big to fail" banks.

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The Week Ahead in Congress

December 6, 2009 - by Donny Shaw

Today begins the 111th Congress' biggest week yet. Two of President Obama's most significant domestic priorities -- health care reform (H.R. 3590) and overhauling regulations in the financial sector (H.R. 4137) -- will see action on the floors of the House and the Senate.

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