If – and it is a big if – Congress is going to enact regulatoryoverhaul for the financial services industry, the next step must bethe passage of a bill in the Senate.
A bipartisan group of 24 senators, led by Banking CommitteeChairman Mike Crapo (R-Id.), has set the stage for the Senate toact by approving an overhaul bill that some are calling“modest.”
It now awaits floor action. While credit unions and otherfinancial services organizations have endorsed the Senate bill,consumer groups have condemned it, stating it rolls back many ofthe safeguards established in Dodd-Frank following the financialcrisis.
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