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Summary of Conference Report on H.R. 4173

The following outline provides a brief description of most of the key points in the Conference Report on H.R. 4173, the Dodd-Frank Wall Street Reform and Consumer Protection Act. It was passed by the U.S. House of Representatives on a vote of 237-192, and the Senate on a vote of 60-39. All seven members of the Oklahoma delegation voted “NAY” on final passage, as the OBA had requested.

This summary is not intended as a complete review of the legislation, but we will be able to post more information and timetables on our Web site shortly. It is arranged in the order of the questions we've been fielding about it rather than on a title-by-title basis. The more detailed information we'll be posting on the Web site and will track with the bill's sections.

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Senate to take up financial reform this week?

It looks as if the Senate is poised to take up the Conference Report for H.R. 4173 sometime this week. This morning (Monday, July 12) Sen. Scott Brown (R-Mass.) announced that he will vote for the bill, which should bring the total of committed votes to 59.

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Senate to vote on Conference Report next week; it's close

The U.S. Senate is set to vote on the Conference Report on H.R. 4173 when it reconvenes next week after the July 4th holiday.

The Report was amended on a party-line vote last week to remove the $19 billion bank "tax" on larger institutions and substitute a couple of other mechanisms for funding what the Congressional Budget Office (CBO) says is the "cost" of this massive bill. The Conference Report was passed by the House of Representatives last Wednesday, with all five members of the Oklahoma House delegation voting "NAY."
 

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Conference report to acccompany H.R. 4173

The Oklahoma Bankers Association remains strongly opposed to the Conference Report to accompany H.R. 4173, the Dodd-Frank Wall Street Reform and Consumer Protection Act.

About the only “victory” traditional community banks can realize out of this mess is found in the old saying that “it could have been so much worse.” But if that's all one can say “good” about this effort to reform the financial system and fix the problems that brought us to the edge of the financial abyss, it's surely a sign that something is broken.

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Dodd-Frank Wall Street Reform and Consumer Protection Act

Note: House Financial Services Committee Chairman Barney Frank (D-Mass.) sent the following information to us. It's his summary of the financial reform legislation that has been agreed to in Washington.

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