WASHINGTON (AP) — From complex trades by big banks to the plastic in people’s wallets, a few contentious issues could undo months of work as lawmakers try to blend House and Senate bills into a single rewrite of banking regulations.
The final bill is intended to prevent another financial crisis like the 2008 meltdown that triggered the great recession. President Barack Obama wants to sign the legislation by Independence Day.
But first, House and Senate Democrats must reconcile their differences.
Rep. Barney Frank, chairman of a panel resolving differences in the bills, and Sen. Christopher Dodd, who shepherded the Senate bill, must fend off industry efforts to dilute the final legislation while holding together a fragile Senate coalition that included only four Republicans.
