On March 15, Senator Christopher Dodd, Chairman of the Senate Banking Committee, introduced the Restoring American Financial Stability Act of 2010. If enacted, this legislation would bring about the most significant legal changes to the financial services industry since the Great Depression. As the Senate Banking Committee is scheduled to begin its mark-up of this possibly historic legislation next week, we will take a close look at some of the key issues and potential changes as it moves through the Committee and the Senate.

Please join Mayer Brown partners Scott Anenberg, David Sahr and Jeffrey Taft for our call on Thursday, March 25, to address certain key issues in the Restoring American Financial Stability Act of 2010, including:

  • Enhanced regulatory requirements and operational restrictions to be imposed on banks, including their parent companies, and other nonbank entities deemed to pose systemic risk, including the impact on foreign entities.
  • New procedures for resolving potential failures of large financial services firms and the creation of a new resolution fund, both aimed at eliminating "too big to fail."
  • Major changes to the jurisdiction of US regulatory authorities over financial institutions.
  • The "Volcker rule" and its potential impact on proprietary trading and hedge fund investments by financial and nonfinancial firms.
  • The proposed establishment of the Bureau of Consumer Financial Protection within the Federal Reserve to regulate certain consumer financial products and services.

Listen to audio recording >>

Of Related Interest
Restoring American Financial Stability Act of 2010

Recent Teleconferences
Rating Agency Reform
Teleconference recording - 3/4/2010

The Wall Street Reform and Consumer Protection Act of 2009 - an Overview of the Banking Provisions
Teleconference recording - 1/21/2010

Mayer Brown's Global Financial Markets Initiative helps clients deal with the legal and business challenges resulting from the ongoing turbulence in worldwide financial markets. By mobilizing the firm's global resources from multiple practices and offices, the Initiative provides clients with knowledgeable and timely counsel on a broad spectrum of their legal needs.