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Financial reform refers to proposals to modernize the financial services industry.
Legislative proposals would update laws addressing the structure and regulation of financial services firms, thus affecting how financial services are delivered to individual, business, and government users. The Chairmen of both the Senate and the House Banking Committees have initiated early legislative action, following up on consideration of the issue in the 105th Congress. H.R. 10, the Financial Services Act of 1999, originated in the House Banking Committee which approved an amended version. The bill was then referred to the House Commerce Committee. The Senate passed S. 900 amended, May 6, 1999.