Sen. Blanche Lincoln scored another victory in her effort to bring more transparency and accountability to Wall Street’s most complex trading schemes.
On Monday, Lincoln and Senate Banking Chair Chris Dodd (D-Conn.) announced an agreement to roll derivatives legislation Lincoln led last week into a larger financial overhaul proposal.
“We have taken the strongest provisions from our two bills," said Dodd. "Under this agreement we will see derivatives moved through clearing houses, traded on exchanges, and facing tough capital and margin requirements that will help stop Wall Street from gambling with our financial security.”
But the bill faces an uncertain future. Also on Monday, Sen. Ben Nelson (D-Neb.) joined Republican Senators in voting to oppose debate on the major overhaul legislation.
Democratic leaders have promised to continue pushing for a vote, apparently confident that they can sway several Senators to their side to secure 60 votes. Read more from Politico at this link.