Senate Passes Financial Reform Bill

The Senate passed the financial reform bill yesterday on a vote of 59-39.  This bill contains the Rockefeller/Hutchison amendment that retains FTC authority over financial products and services, in conjunction with a new CFPB, but does not expand FTC authority in any other way.  This is the approach we support.  The House version of this legislation, however, contains provisions that would dramatically enhance the FTC's authority. 

After passage, the Senate asked for a conference.  We are hearing from Democratic leadership, however, that it is possible that there will be an agreement between the White House, Chairmen Dodd and Frank, and the Democratic leadership to craft a compromise bill to be voted on for final passage.  Either way, we are continuing our strategy of leaning on the Blue Dog Democrats and the leadership to support the Senate FTC provisions.  We strongly urge our members to weigh in on this key issue as we are at a critical decision point.  Contact information for the Blue Dogs is available here.  You can also find a letter we sent to the Blue Dogs here

If you have any questions or suggestions in the meantime, you can reach me at 202-296-2359 or at