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SEC. 202. INCREASED FLEXIBILITY FOR THE FEDERAL RESERVE BOARD TO ESTABLISH RESERVE REQUIREMENTS. Section 19(b)(2)(A) of the Federal Reserve Act (12 U.S.C. 461(b)(2)(A)) is amended-- (1) in clause (i), by striking `the ratio of 3 per centum' and inserting `a ratio of not greater than 3 percent (and which may be zero)'; and (2) in clause (ii), by striking `and not less than 8 per centum,' and inserting `(and which may be zero),'. SEC. 203. EFFECTIVE DATE. The amendments made by this title shall take effect October 1, 2011.
SEC. 127. ACCELERATION OF EFFECTIVE DATE. Section 203 of the Financial Services Regulatory Relief Act of 2006 (12 U.S.C. 461 note) is amended by striking ‘‘October 1, 2011’’ and inserting ‘‘October 1, 2008’’.
Originally posted by jefwane
Watching CNN right now and they said that the legislation would not be posted online till 12pmEST. So what we are reading now is probably not the most current form of what they are working on.
Aides described a tense meeting on Saturday afternoon that included Senator Max Baucus, Democrat of Montana, shouting at Mr. Paulson about executive pay caps.
Outside, stunned tourists visiting the Capitol watched as camera operators shoved one another to get footage of lawmakers talking outside of the meeting room.
At one point, when too much information was leaking out, staff members’ BlackBerrys were confiscated and collected in a trash bin.