Senate Approves Wall Street Reform Bill

Update:  On July 21, 2010, President Obama signed this bill into law.

On Thursday, the Senate voted 60-39 to pass the Dodd-Frank Wall Street Reform and Consumer Protection Act (H.R. 4173), the sweeping financial overhaul legislation otherwise known as the “Wall Street” reform bill. While the measure focuses on banking reform and consumer protection, it contains a number of provisions impacting the regulation of executive compensation in publicly-traded companies, limiting the imposition of mandatory arbitration agreements in certain situations, and expanding whistleblower protections for employees and other individuals who report securities law violations. The House passed this measure on July 1 after congressional committee members finalized the conference report reconciling varying versions of the bill. A full discussion of this measure’s provisions affecting the workplace can be found here. Earlier in the day, the Senate voted 60-38 to end debate on the bill, allowing the final vote to occur. Republicans Olympia Snowe (R-ME), Susan Collins (R-ME) and Scott Brown (R-MA) joined 57 Democrats to vote in the bill’s favor. Senator Russ Feingold (D-WI) was the only Democrat to vote against it. President Obama is expected to sign the bill into law as early as this afternoon.

Information contained in this publication is intended for informational purposes only and does not constitute legal advice or opinion, nor is it a substitute for the professional judgment of an attorney.