Posted on 05/20/2010 10:22:13 PM PDT by Jet Jaguar
The U.S. Senate has approved its financial services reform legislation and directed a conference committee to specifically consider the concerns raised by USAA members and employees.
S.3217 was approved by the Senate Thursday night, setting up a conference committee of senators and representatives to reconcile differences between the Senate's bill and a financial reform bill approved by the House of Representatives last December.
In calling for a final vote on S.3217, Senate Majority Leader Harry Reid, D-Nev., directed the Senate to consider specific instructions for the Senate's representatives on the conference committee. Those instructions will include the need to recognize the value of insurance company investments, which are already subject to well-defined state regulations, and ensure that proprietary trading restrictions do not extend beyond depository institutions for companies that offer comprehensive financial services products exclusively to the military and their families.
Only two proposed amendments resulted in specific instructions to the conference committee, the other being an amendment dealing with consumer financing by auto dealerships.
The instructions will represent the "will of the Senate" in its conference committee discussions, which are likely to be held next month.
S.3217 deals with incredibly complex and consequential changes to our nation's financial laws. Procedural matters made it difficult to consider many important issues, but today's outcome clearly shows that the U.S. Senate heard the voices of USAA members, employees and friends.
Sen. Kay Bailey Hutchison, R-Texas, and Sen. Kay Hagan, D-N.C., a member of the Senate Armed Services Committee and USAA member, helped spearhead the effort to ensure that this critical issue is considered in conference committee.
Once the conference committee resolves the differences between the two bills, a single bill will be presented for presidential consideration. This process could take several weeks.
We will continue to provide updates in this newsroom.
USAA Ping.
Stupid Repubs snatching defeat from the jaws of victory. What Maroons.
Pray for America
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