04.29.2010

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Updates

The Senate and Regulatory Reform

On Wednesday, April 28, 2010, Senate Republicans finally agreed to allow the opening of the debate of the Restoring American Financial Stability Act of 2010. Earlier in the day and week, on April 26, April 27, and April 28, three motions in the Senate to invoke cloture, which would have allowed the Senate to begin debating the Restoring American Financial Stability Act of 2010, failed. The motions failed by votes of 57 to 41 on Monday and Tuesday, and by 56 to 42 on Wednesday. 60 votes in favor of the motion were needed to begin debate on the Senate floor. Floor debate in the Senate began on Thursday, April 29, and is expected to continue for up to two full weeks.

The White House and Regulatory Reform

On Thursday, April 22, 2010, President Obama praised the House of Representatives, for passing, and the Senate, for proposing and debating, financial regulatory reform legislation. The President outlined four key elements of regulatory reform necessary to protect the financial system, the broader economy and American taxpayers in the event that a large financial firm begins to fail: an orderly process to liquidate firms that are "too big to fail," transparency in the financial market, consumer protections, and "say on pay."

Incorporation Transparency and Law Enforcement Assistance Act

Senator Carl Levin (D-Mich) has announced that he intends to pursue the marking up of the Incorporation Transparency and Law Enforcement Assistance Act. The Senate Homeland Security and Governmental Affairs Committee would mark up the bill, aimed at preventing rogue regimes, criminal groups, and terrorist organizations or their financials advisors from utilizing loopholes in U.S. regulation in order to achieve any illegal goals. The bill, S. 569, is sponsored by Senator Levin and requires states to maintain records of the names and addresses of true owners of companies in an effort to increase transparency.

Please read the Incorporation Transparency and Law Enforcement Assistance Act


 

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