Financial Overhaul Bill Delayed in Senate

The House last week passed the Compromise Financial Regulatory Overhaul Bill that came out of a conference committee, but the senate will wait until after its July recess to consider the measure. Senate Majority Leader Harry Reid (D-Nev.), is still trying to ensure enough votes exist to avoid a filibuster. Among the many provisions of the legislation is a move toward imposing the same fiduciary duty on broker-dealers and insurance agents that investment advisers already must adhere to; the creation of a consumer protection bureau within the Federal Reserve, and limitations on the use of derivatives. For more information on the bill, HR 4173, visit thomas.loc.gov.