Alert August 04, 2009

Treasury Financial Regulatory Reform Program – Further Discussion of Obama Administration’s Proposed Legislation

As discussed in the July 28, 2009 Alert, the Obama Administration, through the Treasury, released the text of proposed legislation for various elements of its financial regulatory reform program (the “Program”) that it has submitted to Congress.  The proposed legislation provides significant detail concerning many segments of the Program described in the Treasury’s June 2009 White Paper (as discussed in the June 23, 2009 Alert.)  Many elements of the proposed legislation concerning the Program were described in the July 28, 2009 Alert, and additional segments are discussed below.  There continues to be significant Congressional and industry opposition to certain elements of the Program and some or all of the segments of the Program may not be enacted.  The Treasury, however, is reportedly continuing to pursue these initiatives in their current form.  The Alert will continue to cover developments related to Treasury’s proposals as well as significant Congressional proposals dealing with financial regulatory reform.