Senate Passes Sweeping Financial Reform Bill, May 2010: “On May 20, 2010, the U.S. Senate passed legislation to restructure the
financial services regulatory system by a vote of 59 to 39. As discussed in this briefing paper, the Restoring American Financial Stability Act of 2010 (S 3217, the Senate version of H.R. 4173) would institute far-reaching reforms, including the creation of an independent Consumer Financial Protection Bureau housed within the Federal Reserve Board and new federal government power to wind down large, failing financial institutions. The bill would establish a nine-member Financial Services Oversight Council to oversee systemic risk, strengthen regulation of financial holding companies and abolish the Office of Thrift Supervision, transferring its functions to the Fed, Office of the Comptroller of the Currency and Federal Deposit Insurance Corp.”