Alert July 06, 2010

House Passes Dodd-Frank Act

The U.S. House of Representatives approved the conference report on the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Act”) by a vote of 237-192.  For a discussion of the Act, please see the June 29, 2010 Alert.  The Act will now be voted upon by the Senate, where its chances of approval are regarded as good, but less than certain.  The Act has been primarily supported by Democrats and with the death of Senator Robert Byrd there are only 58 Democratic senators; 60 votes are needed to end debate on the Act.  The governor of West Virginia may appoint a successor to Sen. Byrd before the Senate returns from its Fourth of July recess on July 12.  Of the two Democratic senators who did not vote for the previous Senate financial reform bill, Sen. Maria Cantwell has stated that she will vote for the Act and Senator Russ Feingold has stated that he will not vote for the Act.  Republican Senator Susan Collins, who voted for the previous Senate financial reform bill, has also stated that she will vote for the Act.  The three other Republican senators who voted for the previous Senate financial reform bill, Sens. Olympia Snowe, Scott Brown and Charles Grassely, have not indicated whether they will vote for the Act.