Winners and Losers from Financial Reform
The Wall Street Journal reports on the impact of the new Congressional financial reform overhaul.
Auto dealers, attorneys general and derivatives traders are among those sitting anxiously as Congress enters the final stretch of its financial-regulation revamp. The two bills approved by lawmakers contain numerous differences, and negotiations to hammer out a compromise will begin in earnest this week. All told, they'll represent the biggest change to the U.S.'s system of financial oversight in 80 years.
Reflecting the all-encompassing nature of the legislation, some of the widest gaps affect people far from Wall Street. Auto dealers are lobbying hard to be excluded from oversight by a proposed consumer-finance regulator. Retailers want relief from what they say are punitive fees charged by credit-card companies. Non-financial companies are fighting for more flexibility in using derivatives.
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