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Derivatives reform limps along
June 19, 2010 - Mike Maneval
Politico's Ben Smith reports that the financial reform bill will see another push Tuesday and Wednesday, with many contentious issues, including new rules restraining derivatives investment, still unresolved. President Barack Obama would like to have the bill on Thursday, but opponents of reform see it as unlikely. According to Smith, critics of reform measures see the tide turning their way, in part, due to " recent opposition from moderate Democrats."
On a similar note, Vince Veneziani of BusinessInsider.com reported three days earlier, on June 15, that U.S. Sen. Blanche Lincoln, D-Ark., is willing to amend her measure requiring financial firms to keep greater capital in reserve to cover derivatives investments to give the firms a two-year grace period for the express purpose of repackaging derivatives division to skirt the underlying reforms.
Earlier in the week, Senate aides alleged to media that the Treasury Department was pressing legislators to weaken or abandon the efforts to isolate and secure transactions, setting the stage for the measure's sponsor to choose weakening the provision.
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