NPR logo The Senate's Almost Done With The Finance Bill


The Senate's Almost Done With The Finance Bill

The Senate's big finance bill could come up for a final vote as soon as this week. A few key pieces:

Some important provisions are still in play, the FT reports.

One is whether banks will be forced to spin off their derivatives businesses into separate entities. Another is whether there will be new limits on banks that use their own money to make bets on the market, a practice known as proprietary trading.

The banks are seeing the bill grow tougher as it moves through debate — the opposite of what usually happens, Politico reports.

Last week's passage of amendments to regulate debit-card transaction costs and change how asset-backed securities are rated are both signs that the banks aren't getting what they want.

For the most part, the Fed got what it wanted out of the bill, the Washington Post reports.

The much-reported-on audit of the central bank will be limited to the Fed's lending to banks during the crisis — and won't include discussions of monetary policy. The Senate bill would also allow the Fed to continue overseeing small banks.

But Fed officials oppose a provision that would make the president of the New York Fed a presidential nominee, arguing that it would politicize a job that requires technical expertise. The position is currently appointed by the board of the New York Fed, with approval from the Fed's governors.