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August 2010

Landmark US financial reform Bill passed

By Raman Jokhakar
Tarunkumar G. Singhal
Chartered Accountants
Reading Time 1 mins

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51 Landmark US financial reform Bill passed

The Bill would impose tighter regulations on financial firms
and reduce their profits. It would boost consumer protections, force banks to
reduce risky trading and investing activities and set up a new government
process for liquidating troubled financial firms.

Republicans say the Bill would hurt the economy by burdening
businesses with a thicket of new regulations. They also point out that it ducks
the question of how to handle troubled mortgage finance giants Fannie Mae and
Freddie Mac, which Democrats plan to tackle next year.

Fannie Mae and Freddie Mac, which own or guarantee half of
all US mortgages, have received a total of about $ 145 billion in taxpayer
bailouts since being seized by the government in September 2008. Their regulator
has said he does not know how much more taxpayer support they will need.

(Source : Business Standard, dated 2-7-2010)


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