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By JIM KUHNHENN, Associated Press Writer – 2 hrs 1 min ago
Who will be appointed to replace W.Va. Sen.
WASHINGTON – In the end, it's only a beginning. Robert Byrd?

The far-reaching new banking and consumer protection bill awaiting The Miracle of Dick Cheney

AP – House Speaker Nancy Pelosi, D-Calif.,
center, reaches out to Rep. Barney Frank, D-
Mass., left, Sen. Christopher …
Slideshow: Financial
Crisis
President Barack Obama's signature now shifts from the politicians to Why Business Hates Obama
the technocrats.
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The legislation gives regulators latitude and time to come up with new
rules, requires scores of studies and, in some instances, depends on
international agreements falling into place.
For Wall Street, the next phase represents continuing uncertainty. It
also offers banks and other financial institutions yet another
opportunity to influence and shape the rules that govern their
businesses.

In hailing the bill's passage in the Senate on Thursday, Treasury

Video: Reforming Wall Secretary Timothy Geithner acknowledged that implementing the new
Street CNBC
law will take time.

"But we are determined to move as quickly as we can to provide

RELATED QUOTES clarity and certainty," he said.
^GSPC 1,080.25 -16.23
Sen. Richard Shelby of Alabama, the top Republican on the Senate
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Banking Committee, criticized the bill as not "real reform," saying it
doesn't address the problems of mortgage giants Fannie Mae and Trade Stocks? Try Currency Trading
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Speaking on ABC's "Good Morning America," he also complained the bill creates a massive bureaucracy but
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One of the candidates often mentioned for the top consumer spot is Elizabeth Warren, a Harvard Law School Featured
professor who was among the first to suggest the creation of an agency to safeguard consumers in their
financial transactions. Warren heads the Congressional Oversight Panel, which has been a watchdog over the Video: Oil stops
Treasury Department's bank bailout fund. Others mentioned include Michael Barr, an assistant treasury BP shuts valves to close new cap
over busted well.
secretary who has been one of the architects of the administration's regulatory plan.
» More oil spill videos
But while the oversight council and the consumer bureau might bloom swiftly, other central provisions of the
bill will take time, in some cases years, to take root. Photos: Oil's damage
View striking images of the Gulf oil
The consumer bureau, for instance, has as long as 30 months after it is created for its regulations on disaster.
predatory lending to take effect. The legislation calls for a two-year study before regulators write rules on how » More oil spill photos
risk-rating agencies should avoid any conflict of interest with the firms whose financial products they assess.
Endangered culture
The Fed has until April to derive standards to measure the fairness of fees charged by banks to merchants for
Gulf oil spill puts oyster shuckers,
customers who use debit cards. And regulators will have to fine tune the broad restrictions in the legislation for traditions on ice.
the complex derivatives market. Key will be determining what firms and corporations will face new restrictions. » More from Times-Picayune

The U.S. Chamber of Commerce counts more than 350 rules that the legislation directs regulators to write.
Senate Banking Committee Chairman Christopher Dodd, an author of the bill, says the legislation gives
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regulators a specific blueprint to follow.
reports on Twitter.
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"This bill directs the regulators to do things," he said in an interview. "We leave to the regulators how best to
achieve the goals, but the goals are clear. Congress is not a regulator."

In many instances, regulators already have embarked on rule-writing. The SEC, for instance, has been Education
working on rules that would impose the same professional standards on stockbrokers and dealers that are
imposed on financial advisers. The legislation insists that the SEC conduct a study first. Online MBA Fast Facts
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Hailing the bill Thursday, Fed Chairman Ben Bernanke said the central bank is also ahead of the game, business degrees.
"overhauling its supervision and regulation of banking organizations."
Move Into Management
Regulators also will have to figure out how to implement new standards for how much capital banks should
See how the right training and
hold in reserve to protect against losses. The legislation requires rules in 18 months. But the U.S. is also part education can prepare you for a
of international negotiations on what global capital standards should be, and those could move more slowly. corner office.

"I am very confident with the strong hand that this (legislation) gives us, that we will be able to bring the world
with us," Geithner told reporters Thursday.
Updates
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AP Economics Writer Martin Crutsinger contributed to this report.

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Public unfamiliar with Wall St bill Reuters

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Lax regulation contributed to '08 crisis AP

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28,307 Comments Show: Newest First Sort

MARKET SUMMARY
 Post a Comment Comments 1 - 10 of 28307 First Prev Next Last Symbol Last Change
Dow 10,243.74 -115.57 -1.12%
Nasdaq 2,221.96 -27.12 -1.21%
Liberal Scum 48 seconds ago Report Abuse 0 0
S&P 500 1,082.58 -13.90 -1.27%
Naacp is doing their best by putting racism into the picture. For the naacp to call the tea party 10 Yr Bond(%) 2.9830% +0.0500
racist, is just a deceitful tactic, trying to distract people from the real picture, which is, the Oil 75.97 -0.65 -0.85%
government under the Obama administration, as of now has not created any long term jobs. Gold 1,208.10 0.00 0.00%
Naacp ,how can you say that any group is racist, when you have the new black panther party ,
which is a gang of white hating lowlife thugs, as part of your membership.. AL SHARPTON ,
China reduces US Treasury debt holdings
another member of naacp, screaming racism, this is the only thing al is good at. Al you are a true in May
and blue racist yourself, if you want to see a racist look in the mirror. Is this how our president
Citigroup profit dips 10 percent, loan
wants to bring the races together?
losses fall

Consumer prices dip for third straight

Getajob 1 minute ago Report Abuse month
0 0

How about that economy? Had enough yet? Vote conservative in November if you want a return to More from Yahoo! Finance »
economic freedom and growth. Yes it is that simple to start the fix!!!

Bob 1 minute ago Report Abuse 0 0

This is just another dog and pony show ... taxpayers will lose in the end.

NOVEMBER ... WE CAN STOP HIM !

Matt Brown 1 minute ago Report Abuse 0 0

These libs are utterly pathetic, they are weak cowards who have no honor. Eventually they will be
defeated because they espouse such un - American views; that being that government should be a
massive all-encompassing entity, which is the anti-thesis of both the wording and spirit of the
constitution. To all of them I would say go earn your own money and stop living off the producers.

Bruce Henley 1 minute ago Report Abuse 0 0

The bill should have been one sentence. "Don't lend money to people who cannot afford to pay it
back!"

This bill does nothing with Fannie or Freddie and the bad toxic loans that Dodd and Frank said
were no problem before the housing collapse will continue.
 Robert K 1 minute ago Report Abuse 0 0

Lets get these fools out of office Pelosi, Frank, Obama and especially Scott Brown the RINO. He
is a total disapointment. This bill is disasterous for medium size banks. The number of
independent banks is going to deminish. This is a bad bill for America.

Jessie Lee 2 minutes ago Report Abuse 0 0

I found a cool site -- BilliónaireRómāncé .C' ó M. -- where many richl girls and guys who like
fashion and chatting there. I'm an open-minded girl from US, I also like discuss fashion and love
with rich guys on it!
go.
.sdfsdfsg

RI Pirate 2 minutes ago Report Abuse 2 0

Having Chris Dodd and Barney Frank write the new Financial Reform Law is the moral equivalent of
having OJ Simpson and Mel Gibson write the law on domestic violence

Rakkasan 811 3 minutes ago Report Abuse 5 0

Once again, the Democrats passed a massive bill that will affect all Americans with the cavalier
acknowledgement that "We won't know how it works until after we pass it." I'm not making that up:
Those are the words of Senator Chris Dodd, the bill's co-author. Almost exactly the same thing
was said by Nancy Pelosi about the Health Care bill. What is wrong with the American people?
We should be out of our friggin' minds at this stuff --openly passing a huge bill you admit not
knowing how it will work? If any one of us did that at our jobs, we'd be at best ridiculed and at
worst fired on the spot --deservedly so. But our politicians do this without even blushing! I'm not a
partisan --I'm an independent and am just as down on the Repubs as the Dems, but Good God in
Heaven, what is going on here? Do you have to have a lobotomy in order to take your
congressional seat? It seems that way.

Jessie Lee 3 minutes ago Report Abuse 0 2

I found a cool site -- BilliónaireRómāncé .C' ó M. -- where many richl girls and guys who like
fashion and chatting there. I'm an open-minded girl from US, I also like discuss fashion and love
with rich guys on it!
go.
.xcxvxv

Comments 1 - 10 of 28307 First Prev Next Last

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