The Senate version of financial reform legislation was formally introduced last week. As we discussed in our March 18, 2010 post, the bill, S.3217 - Restoring American Financial Stability Act of 2010, creates an "independent watchdog" (the Consumer Financial Protection Bureau) within the Federal Reserve in charge of looking out for the interests of investors and consumers of financial products, rather than creating a wholly new and separate agency. The bill also contains a host of new measures designed to reduce systematic risk and protect investors against risky and abusive practices.
The bill has cleared committee consideration, and will now move to consideration and debate by the full Senate. The current bill is the basis from which debate will proceed, and many amendments and alterations are likely.
The progress of the bill can be tracked via OpenCongress.org at: http://www.opencongress.org/bill/111-s3217/show
A summary of the bill is available at: http://banking.senate.gov/public/_files/FinancialReformSummary231510FINAL.pdf