There was some critical amendments to examine

The US President gave yesterday afternoon an impromptu Conference in the Rose Garden to give a final boost to the vote on the reform of financial services that the United States is preparing to pass since the 1930s. After the passage of health insurance reform, he wishes to reach its second major legislative victory. Act on the financial regulation, which is more than 1,500 pages, will in the future to supervise the bankruptcy of institutions posing systemic risks without using taxpayers, creates a consumer financial protection bureau and implies greater supervision of hedge funds and derivatives. "Our goal is not to punish the banks but to protect the economy and Americans from the problems that we have known", assured Barack Obama. Wanting reassurance that financial values have collapsed by almost 4 on the stock exchange yesterday to the uncertainties related to the euro and financial reform, the President assured that the Act was not a sum game zero: "we are all connected and to succeed we need healthy financial services."

The Senate voted yesterday the end of the debates. There was some critical amendments to examine. Then, they will spend the final vote of the Act, which will then have to be unified with that of the House of representatives. "The law that I will be signing will provide predictable rules and common sense to the market", warned Barack Obama, denouncing once more the lobbies who will try to intervene.

615.000 billion

The amendments remained to be discussed included prohibiting commercial banks on equity brokerage, more known as the Volcker rule, and Blanche Lincoln on derivatives. An advisor to the White House said yesterday to the Reuters news agency that derivatives reform, written by Senator from Arkansas, Blanche Lincoln, was "a very strong, which corresponds largely to Christopher Dodd proposal in its original version". By supporting the most controversial amendment of financial regulation reform, the White House showed its determination to not give way to Wall Street. "The important point here is that there is oversight of the derivatives markets so that these complex financial instruments out of the shadows", insisted the Advisor.

Blanche Lincoln amendment proposed forth trading of derivatives in banking activities, so that they are better capitalized. Figures like Ben Bernanke, the Chairman of the Fed, and Sheila Bair, chairwoman of the Federal Deposit Insurance Corporation, made known their opposition to the extent such that it is designed. This causes a real anxiety in large banks important income of a market - largely deregulated - 615.000 billion. Jamie Dimon, the CEO of JPMorgan Chase, reiterated this week that "global markets need certainty." "The United States should take an approach to reform the regulation of derivatives based on facts and analysis".

Analyst Richard Bove of Rochdale Securities, various restrictions imposed by the Act could cost banks up to 70 billion profits a year, but he was optimistic in the long term because he thinks that they can increase their results before tax significantly in the next few years. "Once the Act will be passed, the financial values will better focus because titles will appear as dumped", he wrote yesterday in a note.