Watered-Down Reforms

Consumer ProtectionWhat's on the table: The House voted to create the Consumer Financial Protection Agency, which would oversee mortgages, credit cards, and other consumer products. The Senate may consider a similar measure.

What's off: Real estate agents, auto dealers, and other non-financial companies were exempted from the purview of the agency.

Executive PayWhat's on the table: The House bill requires that all public companies let shareholders participate in a nonbinding vote on compensation. It also allows regulators to ban incentive pay that they believe encourages excessive risk-taking.

What's off: The only formal caps on compensation are under TARP.

DerivativesWhat's on the table: Under the House rules, banks that trade standard derivatives outside of a regulated trading platform will have to report the deals to regulators.

What's off: Policymakers won't force standard transactions onto trading platforms and clearinghouses where regulators can see positions and prices. Airlines, energy companies, and others that use the complex financial instruments to protect against operational risk are exempted from many of the rules.

Asset-Backed SecuritiesWhat's on the table: To make sure banks have skin in the game, lawmakers want lenders to hold capital against a portion of the bundled loans they sell off to investors.

What's off: Banks would have to account for only 5% of the investment risk on their books, as opposed to the 10% Frank originally proposed.

Data: Bloomberg BusinessWeek

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