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Financial reform: What does it mean?

Congress So this is what financial reform looks like.

Members of a House and Senate conference committee have ironed out their differences on what is almost certainly the biggest financial overhaul since the Great Depression. Word is lawmakers could have the package ready for President Obama's signature before the Fourth of July.

We've already heard of the CPA profession's role in altering the reforms (and for the better, I might add).

Now comes the inevitable wave of analyses, predictions and second-guesses. Let's take a look at just a few:

Me? It's hard to get around the dual notion that (a) ne're-do-wells will alwasy find ways around regulations to do their dirty work, and (b) the rest of us will be left to deal with the unintended consequences.

On the other hand, do those near-certainties mean lawmakers shouldn't do anything?

What do you think? Will the reforms have a positive or negative impact on our financial system? Or will it have no impact at all?

  • UPDATE: Read the financial reform act in its entirety here.

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