The final, amended version of the Senate’s financial reform bill is not yet available but from what we can see from the press and other sources, the Lincoln amendment on derivatives and the Dodd/Shelby amendment preventing taxpayer funds from being used for any future bailout without prior congressional approval have been retained, and the Volcker rule has been restored.

Large financial firms will be subject to systemic risk regulation (including enhanced capital requirements) and the requirement to provide "living wills" for their unwinding, if necessary. The Financial Consumer Protection Bureau housed within the Federal Reserve has survived considerable tweaking and has remained in place. The $50bn bank-paid dissolution insurance fund has been dropped and the $90bn bank tax proposed by President Barack Obama to restore troubled asset relief programme losses, and a provision for securities marketmaking to become a fiduciary duty were not adopted. The bill has to be reconciled with the financial reform bill passed by the House last December.