The Wall Street Reform and Consumer Protection Act - Uncertainties Remain

Among certain Washington circles, about the nicest thing you can say about a controversial bill is that you haven't read it yet. It is safe to say that most people would tell you that they haven't read The Wall Street Reform and Consumer Protection Act in its finalized form yet, whether due to aforementioned niceties or the simple fact that it runs 848 pages. However, even without reading it, taking cues from administration officials and members of Congress would lead one to believe that the only thing that is clear is that it is still unclear what exactly the bill will do.

This is partly because it leaves much of the heavy lifting to committees and agencies. This is, of course, standard practice in Washington. Congress typically provides the framework of laws, while agencies fill in the pieces, often after consultation with individuals and industry, through regulations.

However, there are so many new committees in the bill, with so many interconnections between existing groups and agencies, that it is difficult to know what, exactly, the bill means for everything from consumer protection to bank rules. Though only time will tell what the exact impact of this legislation will be, it is almost certain that business as usual, for better or worse, is over.