On Dec. 11, 2009, the U.S. House of Representatives passed, by a vote of 223-202, H.R. 4173, the “Wall Street Reform and Consumer Protection Act.” H.R. 4173, at approximately 1,300 pages, cuts a broad swath through many of the financial issues attracting attention in the past year, including systemic risk, consumer financial protection, derivatives and executive compensation. It is based on many of the ideas proposed by the Obama administration earlier in 2009.1
Many of the provisions in the House bill will directly affect non-U.S. banks with U.S. operations such as branches and agencies and/or separately incorporated U.S. banking and nonbanking subsidiaries. This month’s column summarizes some of the systemic risk provisions of H.R. 4173 that could affect the U.S. operations of non-U.S. banks. A future column will discuss the provisions dealing with consumer financial protection, derivatives and other amendments to the securities laws.
Systemic Regulator
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