House of Representatives Approves Historic Revision of Financial Services Regulation: Dodd-Frank Bill Imposes Substantial New Requirements and Restrictions, Addresses Systemic Risk and “Too Big to Fail” Issues and Significantly Reforms Regulation of the Securities Industry; Expected to Become Law by End of July

Sullivan & Cromwell LLP - July 2, 2010

(The top PDF  contains the annexes to the publication and the bottom PDF is the text of the publication.)

On June 30, 2010, the U.S. House of Representatives approved, by a vote of 237 to 192, a sweeping financial regulatory reform bill, the "Dodd-Frank Wall Street Reform and Consumer Protection Act," or "Dodd-Frank."  Although passage of Dodd-Frank by the U.S. Senate is not certain, it appears likely that the legislation will be approved by the Senate and could be signed into law by President Obama before the end of July.

Arising out of the nation’s recent severe financial crisis, Dodd-Frank is intended to address perceived deficiencies and gaps in the regulatory framework for financial services in the United States, reduce the risk of bank failures and better equip the nation’s financial regulatory authorities to guard against or mitigate any future crises.  Dodd-Frank will implement far-reaching changes across the financial regulatory landscape.