Wall Street Reform: Derivatives Bill Aims for More Transparency

2 years ago

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Sen. Blanche Lincoln (D-Ark.) introduced a bill Friday that would increase transparency in the $450 trillion derivatives market and prohibit swaps dealers from receiving any federal assistance.

The bill is more comprehensive than derivatives legislation approved as part of bank-reform legislation in the House last year, and in the Senate Banking Committee last month, MarketWatch reported.

"The days of backroom Wall Street deals are over," Lincoln said.

No Republicans supported the bill.

The Senate Agriculture Committee, which Lincoln chairs, will vote on the legislation next week. After that it will be merged with the banking committee bill and brought to a floor vote as early by April 26.

President Obama said Friday he supports legislation that protects consumers and demands accountability from Wall Street. The president said he would consider vetoing a bill that's not strong enough.

"I want to see what emerges," Obama said. "But I will veto legislation that does not bring the derivatives market under control in some sort of regulatory framework and assures that we do not have the same sort of mess that we've seen in the past."

Filed Under: Senate, Democrats, Congress

Tagged: blanche lincoln, BlancheLincoln, Daily Guidance, DailyGuidance, derivatives, Derivatives bill, DerivativesBill, wall street, WallStreet

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