Skip to main content

Latest on US financial reform bill

The Financial Times reports that the financial reform bill is nearing a final vote in Senate:

"
The
US reform of financial regulation will go to a final vote in the Senate as early as Wednesday as big banks engaged in a last-ditch effort to change it.

Senators argued in public over a broad range of measures, including an attempt to prevent California getting federal bail-out money, while aides worked in private to hammer out a single “manager’s amendment” that will be the last opportunity for changes.

The legislation, which would be the second major new law of President Barack Obama’s tenure after healthcare reform, provides for a sweeping overhaul of US finance that would force the largest institutions to spin off their riskier operations..."

The FT goes on to note that an attempt by New Hampshire Republican senator, Judd Gregg, to place limits on federal bailouts to states was voted down by Senators who opposed the proposal. You'll also find details on measures in the bill that the financial industry is fighting to keep out or limit.

Forbes opines, "Wall Street Overhaul Not Bad for Wall Street", noting that the FIRE sector of the economy (finance, insurance, and real estate) has spent $123 million so far in 2010 to "influence policy makers", and that their push has helped Wall St. shape certain aspects of the reform bill to their liking.

This, "Financial Reform Amendment Scorecard" is also a very handy resource and overview of the major areas of proposed legislation including consumer protection, card fees, a spin off of FDIC-insured banks' derivatives trading activities, and the "Volcker rule" on proprietary trading at big banks.

Also: The Atlantic asks, "Will Financial Reform Pass This Week?"; Nouriel Roubini talks to Channel 4 about banking reform and breaking up "too big to fail" banks; Points and Figures explains why the Dodd bill will be a major drag on the economy; and Ron Paul discusses the financial reform bill on MSNBC.

Popular posts from this blog

Finance Trends 2019 Mid-Year Markets Review

Email subscribers of the Finance Trends Newsletter receive the first look at new articles and market updates, such as the following piece, sent out to our email list on Sunday (6/14).   Hello and welcome, everyone! If you received our last email notice over the July 4th holiday, you'll know that this weekend's newsletter will serve as a mid-year market update and a follow-up to issue #29, " How to Reinvest in a Rising Market ".   Ladies and gentlemen, without further ado, let's start the show...  Finance Trends Newsletter: Our Mid-Year Market Review When we last spoke, back in February, the U.S. stock market was rallying off its December-January lows. As the S&P 500 and Nasdaq reclaimed their 200 day moving averages in February and March, it became increasingly apparent that a lot of retail investors (and perhaps some institutional investors) were left under-invested while watching this recovery move from the sidelines.  The U.S. stock ...

Jesse Livermore: How to Trade in Stocks (1940 Ed. E-book)

If you've been around markets for any length of time, you've probably heard of 20th century supertrader, Jesse Livermore . Today we're highlighting his rare 1940 work, How to Trade in Stocks (ebook, pdf). But first, a brief overview of Livermore's life and trading career (bio from Jesse Livermore's Wikipedia entry). "During his lifetime, Livermore gained and lost several multi-million dollar fortunes. Most notably, he was worth $3 million and $100 million after the 1907 and 1929 market crashes, respectively. He subsequently lost both fortunes. Apart from his success as a securities speculator, Livermore left traders a working philosophy for trading securities that emphasizes increasing the size of one's position as it goes in the right direction and cutting losses quickly. Ironically, Livermore sometimes did not follow his rules strictly. He claimed that lack of adherence to his own rules was the main reason for his losses after making his 1907 and...

How to "Pull the Trigger" on Your Trading Ideas

In our last post, I quoted hedge fund manager, Jim Leitner on the importance of following up on your investment ideas.  Today I'd like to follow up and share some thoughts on how you can learn to consistently "pull the trigger" on your best trading setups and investing ideas. In order to help you do that, we'll take from the best and offer up key insights from interviews with top traders and trading psychologists like Alan Farley, Brett Steenbarger, and Doug Hirschhorn .  Now before we get to their key insights on overcoming trading anxiety and pulling the trigger on your trading ideas, let's remember what Jim Leitner said in his interview: "Learn to love to listen to people and when you hear something interesting, follow up on it. Don't just think, "Well that's an interesting idea" only to find out a year later that the company you could've bought shares in is now up 500-fold. You never want to say woulda, coulda, shoulda...