House to Vote on Financial Services Reforms

Wall Street Reform and Consumer Protection Act, the Bill the summary The Bill contains

H. R. 4173 contains five distinct parts as posted on the House Financial Services Committee Web site:

"TITLE II--Corporate and Financial Institution Compensation Fairness Act, Summary
TITLE III--Over-the-Counter Derivatives Markets Act, Summary
TITLE IV--Consumer Financial Protection Agency Act, Summary
TITLE V--Capital Markets, Summary
TITLE VI--Federal Insurance Office, Summary"

Republicans are unhappy with H.R. 4173, as proposed, and Republican leader John Boehner, (R-Ohio), and Republican Whip Eric Cantor (R-Virginia), proposed an alternative to H.R. 4173. The House Financial Services Committee fired back, saying on its Web site: "Republican leader John Boehner, Republican Whip Eric Cantor, and the rest of the Republican Party can be found on Capitol Hill begging Washington lobbyists to kill a bill that would finally bring accountability and integrity back to our financial system." The statement continued: "In fact, the Republican 'alternative' wholly rejects the notion that Wall Street should be held accountable or that consumers need more protections from deceptive banks and greedy lenders. If the Republican plan passes, it will mean business as usual on Wall Street, and it will increase the likelihood of more taxpayer bailouts."

Comments? Please send them to kmcbride@wealthmanagerweb.com. Kate McBride is editor in chief of Wealth Manager and a member of The Committee for the Fiduciary Standard.