Winners, Losers in Bank Reform Bill Big banks and securities firms face tougher standards By John Johnson, Newser Staff Posted Dec 12, 2009 10:29 AM CST 8 comments Comments The sign for Wall Street near the New York Stock Exchange in New York. (AP Photo/Jin Lee, file) (Newser) – The financial reform bill now on its way to the Senate is the biggest such effort since the Great Depression. The Wall Street Journal runs down who wins and loses, beginning with the Winners: Mortgage lenders: The bill doesn't allow bankruptcy judges to adjust the terms of first mortgages. Credit and debit card users: A new Financial Consumer Protection Agency will try to curb "teaser" rates and shady fees. GE: It can keep its financing arm, GE Capital. Regulators: In addition to the FCPA, another new oversight agency called the Financial Services Oversight Council will be created. The Losers: Big banks: They face tougher capital and liquidity standards, plus the government can break up institutions deemed a threat to the economy. Hedge funds: Will have to register with the SEC and expose their under-examined investment strategies. JP Morgan, Goldman Sachs, Morgan Stanley: Big securities firms will see restrictions on the lucrative but risky practice of proprietary trading, in which they use their own money to trade in stocks and commodities. Office of Thrift Supervision: It's being eliminated.