Congress acts, but bank bill has work ahead

July 16, 2010 6:36:58 AM PDT
The far-reaching new banking and consumer protection bill awaiting President Barack Obama's signature now shifts from the politicians to the technocrats.

The legislation gives regulators latitude and time to come up with new rules. It also requires scores of studies and, in some instances, it depends on international agreements falling into place.

The next phase represents continuing uncertainty for Wall Street. It also offers banks and other financial institutions another opportunity to influence and shape the rules that govern their businesses.

Treasury Secretary Timothy Geithner (GYT'-nur) acknowledged that implementing the new law will take time. But he said the Obama administration is determined to act quickly "to provide clarity and certainty."