The Devil is in the Amendments
Hundreds of “amendments” have been proposed to S. 3217, the Restoring American Financial Stability Act of 2010. Several have already been voted on, and many more will be discussed and voted on over the next day or two.
The Consumer Federation of America has put together this handy PDF listing all the amendments, along with the consumer- and investor-friendly position (support or oppose). Here are two key updates so far:
Victory: The Senate voted 96-0 in favor of an amendment to audit the Federal Reserve Board. Read why more transparency at the Fed is a good idea.
Defeat: The Senate voted against the Brown-Kaufman amendment to limit the size of banks in order to prevent them from becoming “too big to fail.” Read more here.