I apologize for being brief, but this is a hectic day for me so let me quickly recommend Pat Garofalo’s summary table comparing the House financial regulatory bill, the Senate financial regulatory bill, and the compromise proposal:
To issue a quick judgment on it, there are three kinds of things people might want to see out of legislation on this subject. One is to prevent financial panics. The other is to prevent panics from turning into morally/politically/economically problematic “bailout or depression” scenarios. The last is to rethink the role that finance plays in American economic and social life. The bill doesn’t do the last thing at all and I think the extent to which it does the first thing is open to question but clearly progress is being made. On the second, it does a great job.