In a big week for investors, advisors, and their clients, there likely will be some movement in Congress on legislation from Barney Frank’s House Financial Services Committee on institutions that are “too big to fail (see The New York Times report on the Administration’s decision to “rein in” those institutions). That same committee will be marking up several bills on October 27 dealing with financial services reform, including the Investor Protection Act of 2009, and will hold hearings on October 29 on the ongoing systemic regulation issue. Finally, on October 30, the Committee will hold hearings on the Overdraft Protection Act.
You can read a Wall Street Journal Op-Ed by Sandy Weill and Judah Kraushaar on their vision of how financial services reform should be implemented.
In the Senate, on October 28 the Banking, Housing, and Urban Affairs subcommittee will explore dark pools, flash orders, and high frequency trading; and the Aging Committee will examine 401(k) target date funds. On October 29, the Environment and Public Works Committee will hold hearings on climate change legislation, while the Health, Education, Labor, and Pensions Committee will examine “helping workers preserve retirement security through a recession.”