Proprietary horse-trading

20 May 2010 By James Pethokoukis

The end of the Senate s debate over financial reform came just in time for Wall Street. The bill got tougher as the talk dragged on. But it could have been worse. While banks future activities and profitability may get pinched, their core business model appears intact.

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The U.S. Senate on May 20 voted by 6040 to end debate over financial reform and move toward a final vote on a bill which would create a new regulatory architecture for Wall Street.

It would be the most comprehensive rewrite of industry rules since the 1930s. However, an amendment from Democrats Jeff Merkley and Carl Levin that would further tighten proposed limits on banks' trading activities could still come to the floor for a vote. A final vote for Senate passage of the bill is expected this week.

The Senate bill would still have to be merged with one that has already passed the House. Barney Frank, chairman of the House Financial Services Committee, said he expected a completed bill will be ready for President Barack Obama to sign by July 4.

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