Overhauling

After winning a critical procedural vote last Thursday, the Democrat-crafted legislation overhauling the financial regulatory system cruised to an easy victory in the Senate. President Obama said he planned to sign the bill into law this week.

After winning a critical procedural vote Thursday, the Democrat-crafted legislation overhauling the financial regulatory system cruised to an easy victory in the Senate. President Obama said he planned to sign the bill into law next week.

The U.S. House of Representatives last Wednesday voted out a long-anticipated conference report on overhauling the financial regulatory system, including reining in commodities market speculation by forcing over-the-counter (OTC) derivative trades onto regulated exchanges and clearinghouses.

The Senate voted cloture Thursday, nearing the finish of its weeks-long debate on broad legislation overhauling the nation’s financial regulatory system. It was expected to hold a final vote on the bill itself as early as Thursday night or Friday.

Senate Democrats’ legislation overhauling the financial regulatory system is “good” as far as it goes (see Daily GPI, April 30), but it needs “stronger” language, including a provision to break up the big banks, said an official with National People’s Action (NPA).

Coming a little more than a week after the Energy Information Administration (EIA) said it is overhauling its 914 report methodology, which will likely lead to a downward revision of U.S. production figures (see NGI, April 5), one energy consultant is warning that the government agency’s estimates of natural gas supply are likely off by more than 1 Tcf over the last two years. This under-accounting could leave the United States in a precarious situation once the economy recovers.

Coming a week after the Energy Information Administration (EIA) said it is overhauling its 914 report methodology, which will likely lead to a downward revision of U.S. production figures (see Daily GPI, March 30), some energy consultants are warning that the government agency’s estimates of natural gas supply are likely off by more than 1 Tcf over the last two years. This under-accounting could leave the United States in a precarious situation once the economy recovers.

Coming a week after the Energy Information Administration (EIA) said it is overhauling its 914 report methodology, which will likely lead to a downward revision of U.S. production figures (see Daily GPI, March 30), some energy consultants are warning that the government agency’s estimates of natural gas supply are likely off by more than 1 Tcf over the last two years. This under-accounting could leave the United States in a precarious situation once the economy recovers.

The Senate Banking Committee voted out legislation overhauling the financial reform in less than a half hour late Monday. The measure has drawn fire from the energy industry for its failure to provide end-users, such as industrial consumers and producers, with an exemption from the proposed clearing and trading requirements for the nearly $500 trillion over-the-counter (OTC) derivatives market.