A joint Senate-House panel could complete final legislation as soon as Thursday. There are only 3 big points left to reconcile. According to Time magazine they are:
- Prop trading; Blanche Lincoln’s amendment requiring banks to spin off their derivatives desks. - Volcker rule; named for former Fed chairman Paul Volcker, the move bans banks from trading their own holdings. - New fees on firms; A house provision that would create a $150 billion fund to pay for the cost of dealing with bankrupt financial institutions, paid for with new fees on firms worth more than $50 billion.
Once the new legislation is reconciled it goes back to both chambers for another vote where it’s expected to pass quickly. Then it goes to President Obama for signatures.
The chatter in Washington is that the White House wants the whole thing signed into law by July 4.