US financial reform and more for Australia

The US Senate has passed the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.

To get an idea of the extent of the changes it’s worth reading Time’s report here and the Wall Street Journal’s report (including short video) here.

What is the prospect for further finance sector reform in Australia? High. We have received reports from the Ripoll Parliamentary Joint Committee on Corporations and Financial Services, the Henry Tax Review and the Cooper Super review and announced financial services changes are still to be implemented. There is still pressure for further banking regulation (see Stephen King here).

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