- Wall Street Reform Bill
News article on bill here
SUMMARY AS OF:
Restoring American Financial
Stability Act of 2010 - Financial Stability Act of 2010 - Establishes
the Financial Stability Oversight Council to: (1) identify risks to the
financial stability of the United States; (2) promote market discipline;
and (3) respond to emerging threats to the stability of the United
States financial markets.
Establishes within the Department of
the Treasury: (1) the Office of Financial Research (Office) to support
the Financial Stability Oversight Council; and (2) the Financial
Research Fund to fund the Office.
Grants the Board of Governors
of the Federal Reserve System (Board) additional authority to require
reports and conduct examinations of certain nonbank financial companies
and bank holding companies.
Revises supervision and prudential
standards for nonbank financial companies supervised by the Board and
for certain bank holding companies.
Establishes in the U.S.
Bankruptcy Court for the District of Delaware an Orderly Liquidation
Authority Panel to authorize the Secretary of the Treasury (Secretary),
under specified circumstances, to appoint the Federal Deposit Insurance
Corporation (FDIC) as receiver of a financial company in default or in
danger of default whose failure would have serious adverse effects on
financial stability in the United States.
Institution Safety and Soundness Act of 2010 - Transfers all functions
of the Office of Thrift Supervision (OTS) and the OTS Director to the
Board, to the Office of the Comptroller of the Currency, and to the
the issuance of charters for federal savings associations.
Fund Investment Advisers Registration Act of 2010 - Amends the
Investment Advisers Act of 1940 with respect to: (1) the regulation of
advisers to hedge funds; (2) collection of systemic risk data; and (3)
the asset threshold for federal registration of investment advisers.
Office of National Insurance Act of 2010 - Establishes within the
Department of the Treasury the Office of National Insurance to monitor
all aspects of the insurance industry, including identification of
issues or gaps in the regulation of insurers that could contribute to a
systemic crisis in the insurance industry or the United States financial
Nonadmitted and Reinsurance Reform Act of 2010 - Sets
forth procedures for: (1) reporting, payment, and allocation of
nonadmitted insurance premium taxes; and (2) regulation of credit for
reinsurance and reinsurance agreements.
Bank and Savings
Association Holding Company and Depository Institution Regulatory
Improvements Act of 2010 - Imposes a moratorium upon FDIC provision of
federal deposit insurance for credit card banks, industrial loan
companies, and certain other companies under the Bank Holding Company
Act of 1956.
Amends the Bank Holding Company Act of 1956 to
revise requirements for reports, examinations, and regulation of
functionally regulated subsidiaries, including concentration limits on
large financial institutions.
Markets Act of 2010 - Amends the Commodity Exchange Act to: (1) extend
joint rulemaking and regulatory authority of the Commodity Futures
Trading Commission (CFTC) and the Securities and Exchange Commission
(SEC) to over-the-counter derivatives markets; and (2) require large
swap trader reporting.
Amends the Gramm-Leach-Bliley Act to
repeal the prohibition against the regulation of security-based swaps.
Amends the Securities Exchange Act of 1934 to set forth: (1)
clearing requirements for security-based swaps; (2) registration and
regulation procedures governing security-based swap dealers and major
security-based swap participants; and (3) position limits and position
accountability for security-based swaps.
Directs the SEC, the
CFTC, the Financial Stability Oversight Council, and the Treasury
Department, individually and collectively, to consult and coordinate
with foreign regulatory authorities on the establishment of consistent
international standards with respect to the regulation of certain SWAPS.
Payment, Clearing, and Settlement Supervision Act of 2010 - Directs
the Financial Stability Oversight Council to designate those financial
market utilities or payment, clearing, or settlement activities which it
determines are, or are likely to become, systemically important.
forth procedures governing examination of and enforcement actions
against financial institutions subject to standards for designated
activities, including: (1) financial and operational risks such
activities may pose to other financial institutions, critical markets,
or the broader financial system; and (2) information to assess systemic
importance of financial institutions engaged in payment, clearing, or
Amends the Securities Exchange Act of 1934
to: (1) establish the Investor Advisory Committee and the Office of the
Investor Advocate; (2) authorize the SEC to restrict mandatory
predispute arbitration; (3) prescribe securities whistleblower
incentives and protection; and (4) revise regulation, accountability,
and transparency of nationally recognized statistical rating
Amends the Securities Investor Protection
Act of 1970 to increase the borrowing limit on Treasury loans.
the Securities Exchange Act of 1934 to: (1) direct the federal banking
agencies and the SEC to prescribe joint regulations to require any
securitizer to retain an economic interest in a portion of the credit
risk for any asset that the securitizer, through the issuance of an
asset-backed security, transfers, sells, or conveys to a third party;
(2) require procedures for annual shareholder approval of executive
compensation; and (3) require disclosures regarding employee and
Requires the SEC to report to certain
congressional committees regarding: (1) its conduct of examinations of
registered entities, enforcement investigations, and review of corporate
financial securities filings; and (2) its oversight of national
Prescribes standards for: (1) corporate
governance; and (2) regulation of municipal securities and changes to
the Municipal Securities Rulemaking Board.
Establishes in the SEC
the Office of Municipal Securities.
Amends the Sarbanes-Oxley
Act of 2002 to authorize the Public Company Accounting Oversight Board
to share certain information with foreign authorities.
FDIA to direct the Inspector General of each federal banking agency to
report to Congress semiannually on certain losses to the Deposit
Instructs the Comptroller General to study and
report to Congress on the risks and conflicts associated with
proprietary trading by and within specified entities.
Office of Financial Literacy of the Bureau to establish a program to
make grants to states for enhanced protection of seniors from being
misled by false designations.
Consumer Financial Protection Act
of 2010 - Establishes: (1) in the Federal Reserve System the Bureau of
Consumer Financial Protection (Bureau) to regulate the offering and
provision of consumer financial products or services under the federal
consumer financial laws; (2) the Office of Fair Lending and Equal
Opportunity; (3) the Office of Financial Literacy; and (4) the Consumer
Grants the Bureau supervisory powers and
enforcement authority over certain large-sized insured depository
institutions and insured credit unions.
Excludes from Bureau
oversight certain merchants, retailers and other sellers of nonfinancial
goods or services.
Grants the Bureau specific authorities,
including prohibiting unfair, deceptive, or abusive acts or practices.
Transfers to the Bureau specified consumer financial
Prescribes requirements for collection of
deposit account data.
Amends the Equal Credit Opportunity Act
regarding small business loan data collection.
Amends the Truth
in Lending Act to prohibit certain prepayment penalties.
the Federal Reserve Act with respect to emergency lending authority.
Authorizes the Comptroller General, under specified circumstances,
to conduct reviews of the Federal Reserve Board, a federal reserve bank,
or a credit facility.
Improving Access to Mainstream Financial
Institutions Act of 2010 - Authorizes the Secretary to establish a
multiyear program of grants, cooperative agreements, financial agency
agreements, and similar contracts or undertakings to promote initiatives
to enable low- and moderate-income individuals to: (1) to establish one
or more accounts in a federally insured depository institution that are
appropriate to meet their financial needs; and (2) gain improved access
to the provision of accounts on reasonable terms.
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