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Financial Planning > Tax Planning > Tax Reform

For Financial Reform Bill, All Signs Point to Senate Passage This Week

By Melanie Waddell

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Having garnered key “yes” votes from three Republican Senators, Senate Banking Committee Chairman Chris Dodd (D-Connecticut) and Senate Majority Leader Harry Reid (D-Nevada) said Tuesday, July 13, they were confident the financial services reform bill would be passed by the Senate this week, and then sent to President Obama for his signature.

Maine Republican Senators Olympia Snowe and Susan Collins along with Senator Scott Brown (R-Massachusetts) have now signaled that they are on board to support what is formally called the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Democratic Senator from Nebraska, Ben Nelson, also said Tuesday, July 13, that he would support the reform bill, after stating recently that he still had concerns about it.

“With the support of Senators Olympia Snowe, Susan Collins, and Scott Brown, Wall Street reform is a step away from heading to the President’s desk to be signed into law,” Dodd said in a prepared statement released July 12. Senate Majority Leader Harry Reid (D-Nevada), said in his own statement the same day that “We will finish our work on this bill this week to ensure that these critical protections and accountability for Wall Street are in place as soon as possible.”

Read a story on the SEC and state regulators’ advisor oversight plan in the reform bill from the archives of InvestmentAdvisor.com.

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