Just like the health care reform bill, Cap and Trade and other major legislative items in recent months, there are a lot of claims on the internet about what the Wall Street Reform Bill might do, but finding the specifics is not so easy.

For example, there has been a lot of talk in recent days about how the Democratic Wall Street Reform bill will limit loans for businesses, with all kinds of governmental pre-approval requirements in the new Consumer Financial Protection Agency.

"Any bank or store or credit card company or merchant or service provider who offered credit in any form to anyone would have to get advance approval from the CFPA," wrote Dick Morris in one of his columns on Monday, quoting Congressman John Campbell (R-CA).

But when you try to nail down that specific item in the bill from the Senate Banking Committee, I can't find it.

If someone has a section or page number to look in, please let me know.  It would be a great story.  But I read through page after page after page on the CFPA and couldn't find it.

First, for those just tuning in, what is the goal of the CFPA?  

The Consumer Financial Protection Agency "is authorized to act to ensure that consumers are provided with accurate, timely, and understandable information in order to make effective decisions about financial transactions; to protect consumers from unfair, deceptive, or abusive acts and practices and from discrimination," says the Banking Committee report about the bill.

I did find some limits on the ability of the CFPA, as in it "may not exercise any rulemaking, supervisory, enforcement, or other authority under this title with respect to a merchant, retailer, or seller of nonfinancial goods or services that is not engaged significantly in offering or providing consumer financial products or services."

Critics have also raised red flags about how the bill would limit investments in new businesses, saying it would require that start-up businesses looking for investors, would have to file with the Securities and Exchange Commission and go through a 120-day review.

Supposedly this has to do with Section 926 of the bill, which deals with "Regulation D 506 private offerings" and which critics said would drastically reduce investments from accredited investors.

But before I bore you with some highly technical language that only lawyers would love (and which I read differently than people who have written about it), I can report that this problem has supposedly been solved.

In a press release on the web site of the Angel Capital Association, the group says that Senate Banking Chairman Chris Dodd has agreed not to make any major changes in current law.

"The current uniform system is efficient for small businesses that attract angel capital," said Marianne Hudson, executive director of the Angel Capital Association.

When we get the final language, we can check it out.  But evidently, there will be nothing in the bill that causes problems.

If it even was in the bill before.

One thing is for sure, that with a Republican filibuster against the motion to proceed to the Wall Street bill, we won't see a finalized bill from Democrats for at least a few more days, maybe not even this week.