The new world of corporate governance is now halfway to reality.
With the House of Representatives’ passage earlier this month of the Wall Street Reform and Consumer Protection Act, corporations now have a solid idea of what is likely to be their regulatory and governance reality as soon as next year. The Senate must still pass its own reform bill, and then those two versions must be reconciled, approved, and signed into law by President Obama, but the broad contours of what’s coming are visible.
The House bill, nearly 1,300 pages long, is an amalgamation of several earlier bills and addresses a ...