This article talked about the financial reform. Both parties are seeking a reform in the financial system. A lawsuit brought against Goldman Sachs by the Securities and Exchange Commission has boosted expectations that a reform bill will pass. A slew of big financial firms have just announced stellar results, including Citigroup (which announced a $4.4 billion first-quarter profit this week) and Goldman (which announced a $3.46 billion profit), turning the heat up further. President Barack Obama will make a speech in New York on Thursday outlining his case for reform.
However, several aspects of the bill still invite debate. Perhaps most notable is the proposal for a $50 billion fund, paid for by the banks, to keep banks in trouble from becoming a systemic risk to the financial system. The other big point for debate is a new consumer financial-services authority. The third sticking-point is over derivatives. Both the banks and Republicans are opposed to the bill's requirement that most derivatives trading be moved from dealer markets to regulated exchanges.
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