House Clears Financial Reform Bill
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On Wednesday, the House voted 237-192 to approve the Dodd-Frank Wall Street Reform and Consumer Protection Act (H.R. 4173), the massive financial overhaul legislation otherwise known as the “Wall Street” reform bill. As previously discussed, this measure contains a number of provisions – including those impacting arbitration, executive compensation, and whistleblower protection – that would affect the workplace. Earlier in the week, supporters scrambled to revise the conference report (pdf) to find alternative means of paying for the $19 billion measure in order to gain sufficient votes for passage. In a compromise move, lawmakers decided to, among other things, end the Troubled Asset Relief Program (TARP) earlier than scheduled. Although President Obama had said he hoped to sign the final bill before the Fourth of July break, it is unlikely that the Senate will begin consideration of the bill before it reconvenes on July 12.
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