Although the Sarbanes-Oxley, Section 404(b) reprieve failed in the Senate, it will definitely be interesting to see what happens with the vote on the Wall Street Reform Act. Again, just because the reprieve failed, we are still uncertain on the outcome of 404(b) due this year. The vote by the Senate as discussed in this great article from MSNBC.com helps shed some light on what may happen:
"By Kevin Drawbaugh and Andy Sullivan
WASHINGTON - The most sweeping overhaul of U.S. financial regulation since the Great Depression was on track to fail its first procedural test Monday in the Senate, where Republicans vowed to block the Democratic bill.
As Wall Street reeled from revelations out of a fraud case against Goldman Sachs, both sides in the Senate were locked in negotiations toward a bipartisan compromise, with Republicans holding out for a bill more to their liking.
President Barack Obama and the Democrats want tighter bank and capital market rules to prevent a repeat of the 2007-2009 financial crisis. Some Republicans see a need for reform, but say the Democrats' bill is an overreach by government."