• U.S. House of Representatives Passes Wall Street Reform Bill: A Preliminary Analysis
  • January 6, 2010
  • Law Firm: Shearman & Sterling LLP - New York Office
  • On December 11, 2009, the U.S. House of Representatives passed the Wall Street Reform and Consumer Protection Act of 2009 (H.R. 4173). The breadth of the bill has been widely noted in the popular press and it certainly has elements of “grab-bag” legislation as it consolidates a number of disparate initiatives. Yet the bill’s basic shape predictably matches elements of reform legislation that have been making their way through Congress all year and on which we previously reported. Key topics covered by the bill include: (1) financial stability and “too-big-to-fail” regulation..., (2) creation of a new Consumer Financial Protection Agency..., (3) general investor protection and anti-fraud efforts, including enhanced funding for the Securities and Exchange Commission..., (4) reorganization of the markets for certain derivatives..., and (5) registration of private fund managers and increased reporting obligations for the private fund industry...Still to come is the corresponding Se nate bill and the House-Senate conference that will be necessary to knit the work of the two chambers together.