Senator Blanche Lincoln, D-Ark., pushed for stricter regulation of derivatives trading by commercial banks. House and Senate negotiators reached an agreement on the legislation early Friday, but Cramer said no one really knows what's in it.
So while the "banks are reading the regs," Cramer notes that Pittsburgh-based PNC doesn't have to.
In response to the reform bill, financial stocks pushed higher Friday and the Mad Money host likened it to the passage of health care in March. The health care names rallied for a few days and then fizzled out, Cramer said. But the financial stocks are undervalued, he added.
Elsewhere in the market, Cramer remained skeptical of BP, as oil continues to gush out of its downed well in the Gulf of Mexico.
"I think that BP remains on the endangered species list," Cramer said.
For Cramer's full thoughts on BP, watch the video.
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