Financial Reform Bill Ready to Pass

It seems as though the Dodd-Frank financial reform legislation is set for a final vote in the United States Senate tomorrow. If the bill passes as expected, it will mark a major victory for President Obama and those who have been pushing for reform. The bill possesses the potential to revolutionize the financial products industry, however, in many ways the passage of the new law is just the beginning of a long fight ahead.

That was the message delivered at NAF yesterday, as our panel of experts examined the likely outcomes of the new law. The event as a whole was worth watching in its entirety, and you can find video of the event and a short description at the link above. One major theme that emerged is the importance of leadership. The nature of the Dodd-Frank bill is to defer to regulators (while delivering them many new powers), and while it holds great possibilities there also exists the potential for a lack of action.

That’s the theme of a new piece that panelist Tim Fernholz has up at The American Prospect.

It’s also one of the themes in an interview I snagged with uber-lobbyist Travis Plunkett of the Consumer Federation of America. Watch the video as Travis and I discuss the indepence of the new CFPB, the importance of leadership, and the role of financial literacy in the “brave new world” of regulated consumer finance.