Overview

On June 25, 2010, a U.S. House of Representatives and Senate conference committee
agreed to the text of the watershed financial reform legislation that is now titled the Dodd-Frank Wall
Street Reform and Consumer Protection Act (the “Act”). This bill was subsequently amended by the
conference committee on June 29, 2010 in order to ensure its passage in the House and Senate.
Once the final bill has been approved by the full House and Senate, it will be sent to the President
who has indicated that he will sign it into law. On June 30, 2010, the House approved the Act by a
vote of 237-192. The Senate is expected to vote on the Act after the Independence Day recess.