But apparently not all 41 support a filibuster. There are concerns whether opposition to the bill will be seen as protecting Wall Street from the wrath of Main Street.
Here are the key parts of the bill (copied from calculatedriskblog):
- The consumer financial protection agency would be part of the Federal Reserve.
- Creates a systemic risk council that would be headed by the Treasury Secretary and would include "representatives of the Fed, the new consumer agency, the F.D.I.C., the Securities and Exchange Commission, the Commodity Futures Trading Commission and the Federal Housing Finance Agency — along with an official appointed to monitor the insurance industry, which is largely regulated by the states."
- Regulate over-the-counter derivatives: "Standardized swaps and derivatives would have to be traded on exchanges or clearinghouses."
- The Federal Reserve would regulate bank holding companies with $50 billion or more in assets, and "systemically important nonbank financial institutions".
- Many smaller banks that the Federal Reserve currently regulates would be overseen by the Office of the Comptroller of the Currency or the Federal Deposit Insurance Corporation, depending on the bank charter.
- Some shareholder provisions that allow shareholders to vote on executive pay and nominate directors.
click here for the committee report.
