Financial Reform Bill May Impact Financial Services Lawyers
The ABA and some state bar associations have asked for changes to the U.S. Senate's version of financial services reform legislation because it contains broad language that may regulate attorneys' practices. According to a recent ABA Journal article, while the House version of the reform legislation includes a specific exemption for lawyers and their direct employees, the Senate version does not. The ABA article notes that, under the Senate bill, an attorney who simply holds a trust account may be subject to federal regulator oversight.
On June 15, the House-Senate conference committee will begin negotiating changes to the two bills. The House bill, H.R. 4173 is called the Wall Street Reform and Consumer Protection Act of 2009, while the Senate's version (S.3217) is called the Restoring American Financial Stability Act of 2010.
