Client Alert
| July 2, 2010
House Approves Conference Report on Dodd-Frank Wall Street Reform and Consumer Protection Act; Senate to Consider Bill after Independence Day Recess
On June 25, 2010, a U.S. House of Representatives and Senate conference committee agreed to the text of the watershed financial reform legislation that is now titled the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Act”). This bill was subsequently amended by the conference committee on June 29, 2010 in order to ensure its passage in the House and Senate. Once the final bill has been approved by the full House and Senate, it will be sent to the President who has indicated that he will sign it into law. On June 30, 2010, the House approved the Act by a vote of 237-192. The Senate is expected to vote on the Act after the Independence Day recess.
The effects of this legislation may be profound, but they will not be immediately felt. In most cases, the effective date for the reforms are months, if not years, after enactment, and most significant provisions require further regulatory study and implementation. This memorandum is a brief summary of the provisions of the Act. We will continue to monitor the progress of these reforms and will provide you with updates of any significant developments.
For more information, please contact your Dewey & LeBoeuf relationship partner, or one of the following:
This memorandum is intended only as a general discussion of these issues. It is not considered to be legal advice. We would be pleased to provide additional details or advice about specific situations. For additional information on this important topic, please feel free to call upon your Dewey & LeBoeuf relationship partner. No part of this publication may be reproduced, in whole or in part, in any form, without our prior written consent.
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