06.29.10

Last minute changes to the Financial Reform bill

Posted in Financial Markets, Politics and Policy at 8:50 pm

http://www.nytimes.com/2010/06/30/business/30regulate.html?src=mv

Brown dug in his heels over the bank tax (which apparently he missed during the last round of negotiations), and with Byrd’s unfortunate death, the Democrats didn’t have the votes.

Looks like the bank tax is out, and is being replaced by a redirection of funds from the TARP.

FDIC deposit insurance is also being permanently raised to $250k.

There are still a few senators in the “undecided” camp, so it appears the chances of passage by July 4 are slim.

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