Lawmakers Agree to Details of Financial Reform

Stocks are flat following news early this morning that Democrats and officials from the White House have reached an agreement on the final details of the sweeping financial bill slated to go before President Obama by July 4th. Although proponents of the bill realize that it will see some opposition as it makes its way through the House and the Senate, most believe that the bill will have enough supporters to become a law.

Several of the most heavily-debated topics included: support for the so-called Volcker Rule, which will limit banks from using their own funds to making risky bets, and a provision which will restrict federally-insured institutions from trading derivatives. Attached with the Volcker Rule legislation, Democrats allowed a caveat that would let these banks invest a small portion in hedge and private-equity funds.

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