Financial Reform Passes

The Senate passed the Financial Reform Bill yesterday, and it's expected to be signed into law by the president next week. There are many aspects to this legislation: A new consumer financial protection agency, the much-discussed Volcker Rule, a new resolution authority intended to prevent implosions like the Lehman Brothers bankruptcy, and lots more.

There are also many things the law doesn't deal with, like a plan to handle Fannie Mae and Freddie Mac. And too many important issues have been handed off to commissions for further study, such as the potential requirement for brokers to take on a fiduciary responsibility.

We've got a full report on the new law up at our Web site. To read more on how financial reform will affect you, just click here.