Last week, the Senate passed a financial reform bill, S. 3217, that is similar but not identical to the House of Representatives bill, H.R. 4173, from last December. The two measures are now headed to conference. The Senate appointed its 12 conferees this past Monday, and the House is expected to make its appointments by June 8. House Banking Committee chairman Barney Frank (D-MA) will chair the conference.
This advisory contains a side-by-side comparison of major elements of the two measures. A few critical statutory requirements will take effect immediately upon enactment; most other requirements will be rolled out through the administrative rulemaking process.
Important elements of both bills will affect different kinds of financial institutions in different ways. Most institutions are likely to fall within more than one category, and each institution should become aware of the categories that cover it.
The advisory is provided in PDF on the Alston & Bird web site: http://www.alston.com/fisap_financial_reform_bill