A sweeping overhaul of financial regulations will include a controversial plan to insulate banks from risky swap dealing, aides said on Thursday as lawmakers hammered out a final bill. This arose furious opposition from the Wall Street Banks that could lose billions in profits. The deal would require banks to isolate their swaps desks in separate affiliates, which would require the banks to raise new capital and deprive them of profits they get from dealing. But it would allow their parent holding companies to retain the value of the operations. But negotiators remained at odds over another sticking point: how to cover the costs of dismantling troubled financial firms before they threaten the broader economy, as happened during the 2007-2009 financial crisis. The broadest overhaul of Wall Street rules since the 1930s would establish new consumer protections, crimp big banks' profits and saddle the industry with tighter regulations in a bid to avoid a repeat of the crisis, which led to the deepest recession in generations.
Separately, lawmakers also agreed to give banks more time to comply with higher capital requirements to help them ride out crises, though they remained at odds over which firms could be grandfathered under the proposal. They also agreed to exempt small companies, those with market capitalization under $75 million, from a requirement in the Sarbanes-Oxley law that requires them to show they have internal controls in place to ensure the accuracy of their books. Lawmakers had hoped to resolve a central element of the bill that would give regulators clear authority to seize unstable financial firms before they threaten the economy in an effort to avoid a repeat of the recent crisis, but postponed action after they failed to reach an agreement.
House lawmakers insisted on setting up a $150 billion fund to cover costs for liquidating troubled financial firms, paid for by firms with more than $50 billion in assets. Senate negotiators rejected that proposal, insisting that costs should be covered by selling off the troubled firm's assets. Other firms would have to chip in if the asset sales did not cover the bill. The banking industry does not want to pay any fees up front. Democrats in both chambers agree that banks, not taxpayers, should foot the bill next time. (CNBC JUNE 2010)

Now, I'm not sure how many of you actually pay attention to these regulatory proposals that are trying to be pushed into bills to regulate the economy and keep another economic crisis from happening, but I do. Some bills have already been passed through the house yet are still being debated over. This one in particular caught my eye, because for the first time its addressing the down pitts of this bill. I work for a loan company and this is actually exempting us from the regulatory bill trying to be passed given we can show accuracy in our books. Which wouldnt be hard for our company because we are a family owned company that has been in business for many and many of years, we have a great process in making our loans and are very desciplined to not make stupid descisions like wall street. We do not need congress telling us who we can make our loans to and make it hard for us to access credit. Our company helps people with not so perfect credit giving them hope when they need just a little bit of money for anything. We offer small loans with consecutive monthly payments, as for banks they dont do that and you have to have like perfect credit. Therefore shutting down anyone in need for a small loan to get by.
As for the banks that are going to be hurt by this bill, most of the big banks brought it on themselves. Yet, no one can make up their mind what they want to do. Its rather funny to me how they have little reform to the steps they should take. I believe it would be stupid to give them more bail out money, because I'm tired of working my butt off to have my taxes raised to bail out these big banks and firms. It does kind of shock me that the Democrats agreed that banks, not taxpayers, should foot the bill next time. The Democrats originally came up with this bill to began with, that would regulate big firms on Wall Street of thier lending pratices. I wanted to share this in hopes everyone can be informed about our financial system.