Rep. Bachus's FINRA Amendment Flames and Crashes -- thankfully!

December 12, 2009

House Passes Regulatory Reform, SRO Up In The Air 

Dec 11, 2009 3:11 PM, By Kristen French

The House of Representatives passed the financial regulatory reform bill Friday afternoon by a narrow margin: 223 votes in favor to 202 against. But it will still be a long time before the regulatory future for broker/dealers and investment advisers is clear. ...

"The likely legacy of the defeat of the Bachus Amendment will be to weaken the support on Capitol Hill for similar FINRA efforts," says regulatory attorney Bill Singer, a columnist for this magazine. "While FINRA has assembled a rumored $1 million war chest to lobby Congress for its various pet projects, the Bachus defeat was quite a black eye for Spencer Bachus and the attendant firestorm of criticism his amendment garnered from NASAA, public advocates, the Financial Planning Coalition, and others will likely serve to warn off many of his colleagues from proposing similar legislation."