Nightly Business Report

STUART SWEET, PRES, CAPITAL ANALYSTS NETWORK: If you have been very angry at the largest banks, today is the day to buy champagne

SUSIE GHARIB, NIGHTLY BUSINESS REPORT ANCHOR: Congress closes in on new rules to rein in Wall Street. hublot watches After a year in the works, it`s now down to the wire to wrap up the legislation

TOM HUDSON, NIGHTLY BUSINESS REPORT ANCHOR: The far-reaching overhaul aims to eliminate too big too fail firms and increase protections for consumers You`re watching NIGHTLY BUSINESS REPORT for Thursday, June 24

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HUDSON: Good evening and thanks for joining us. (Ebel). We are just hours away now from the sweeping reform bill of Wall Street that could affect many of the important transactions that you make Susie, lawmakers in the House and Senate tonight are still putting the final touches on legislation to protect consumers and to prevent another financial meltdown

GHARIB: Tom, you`re right and these negotiators in the House and the Senate agreed today on the new standards for what banks keep in reserve to protect against losses But on that challenging issue of how to handle derivatives, it`s still undecided at this hour Now, President Obama hopes to present the complete proposal in Toronto this weekend when he meets with leaders from the world`s 20 largest economies

HUDSON: You add all of this up Susie and you will see why some are calling this the greatest overhaul since the great depression Darren Gersh reports

DARREN GERSH, NIGHTLY BUSINESS REPORT CORRESPONDENT: When you take out a payday loan, cash a check, buy a house or borrow from a private lender to send your kid to college, your transaction will be regulated by the American Financial Stability Act of 2010 Political analyst Chris Krueger says most people don`t understand how sweeping the bill`s new consumer financial protection bureau will be

CHRIS KRUEGER, POLITICAL ANALYST, CONCEPT CAPITAL: What the CFPB is basically going to be is a financial EPA This is going to be an incredibly broad, incredibly far reaching agency that will have authority to regulate and oversee the financial services markets and the financial services industry in America and that`s unprecedented

GERSH: The new Consumer Financial Protection Bureau may have gotten a bit smaller today House lawmakers said they did not have the votes to subject auto dealers to new Federal regulation The Pentagon had pushed for reform, arguing troops are targeted by abusive dealers As a fallback, House Financial Services Committee Chairman Barney Frank pushed to make the Federal Trade Commission more responsive to complaints about dealers

REP BARNEY FRANK, CHAIRMAN, HOUSE FINANCIAL SERVICES: It will expedite the ability of the FTC to act responding to the concern we have heard from the Pentagon and others that this is an issue that ought to be addressed

GERSH: Last minute deals are being worked out on derivatives and bank trading risks But analyst Stuart Sweet says what`s truly breathtaking is how many new tools regulators will get to trim down financial risk wherever they see it

STUART SWEET, PRES, CAPITAL ANALYSTS NETWORK: If you have been very angry at the very largest banks, today is the day to buy champagne. (TAG Heuer). Because the regulators will have the power to shut down the largest banks and see to it that the shareholders get nothing in the event they get into trouble the next time. Replica Juicy Couture Clothing

GERSH: Banks may face a new risk later this year. (Corum). The Obama administration plans to make another push for a $50 billion fee on banks to repay taxpayers for the cost of the financial rescue Darren Gersh, NIGHTLY BUSINESS REPORT, Washington

GHARIB: Let`s take a look now at the stories in tonight`s NBR news wheel Uncertainty over the final version of that financial overhaul bill that we told you about pressured stocks The Dow dropped 145 points The NASDAQ slid nearly 37 and the S&P 500 off 18. porsche design watches Volume picked up some as the markets dropped to two-week lows Both the big board and the NASDAQ volumes were higher than yesterday

First-time claims for jobless benefits dropped last week by 19,000 to 457,000 That`s the biggest drop in two months Claims are above levels that suggest healthy job growth And mortgage rates fell this week to the lowest level on record Mortgage company Freddie Mac said the average rate for 30-year fixed rate loans sank to 469 percent and rates for 15-year and five-year mortgages also hit new lows Still ahead on the program, iPhone fans line up by the thousands for Apple`s new smart phone But what about Apple stock? Time to buy, sell or hold?

HUDSON: Another setback today for the Obama administration`s efforts to suspend deep water oil drilling The Federal judge who struck down the six-month ban refused to delay that ruling while the government appeals In the meantime, the financial damage from BP`s oil spill is extending beyond the Gulf shores Government services including education will likely suffer throughout Alabama As Jeff Yastine continues his series, “Jeopardy in the Gulf: The Future,” the effects of the Gulf disaster are being felt miles inland

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