Final financial regulatory reform package passes in U.S. House

Feb 06, 2012

Aug 30, 2011

Senate delays vote

The U.S. House passed the Dodd-Frank Wall Street Reform and Consumer Protection Act, the financial regulatory reform overhaul, in a 237-132 vote. After a 20-hour marathon meeting last week, the conference committee reached a compromise between Sen. Christopher Dodd’s, D-Conn., Senate and Rep. Barney Frank’s, D-Mass., House bills.

The House and Senate leaders made one final change this week before the House vote – to drop a tax provision that would have imposed $19 billion in fees on the largest banks and hedge funds.

Both houses of Congress need to approve the bill before it can be sent to the president for his signature. The U.S. Senate’s vote is delayed until after the July 4 recess because of the death of Sen. Robert Byrd, D-W.Va. Passage of the bill in the Senate remains uncertain.

OSCPA, the AICPA and other state CPA societies have been working diligently to protect the interests of CPAs throughout this entire process. Although the bill is not yet final and additional changes are possible, CPAs look to secure major victories, including:

  • Oversight exemption from Consumer Financial Protection Agency
  • Removal of the aiding & abetting amendment
  • Ensure FASB’s independent standard setting
For more information on financial regulatory reform legislation, contact the Society’s governmental affairs team.