Trading and Clearing of Derivatives Would Lower Systemic Risk under Legislation Cleared by Senate Committee with One Republican Joining Democrats; Commercial 'End Users' in Gas Industry Could Continue to Hedge

摘要

On 4/21/10 the Senate Agriculture Committee voted 13-8 to report a bill that, for the first time ever, would subject over-the-counter (OTC) trading of derivatives to federal regulation. Chair Blanche Lincoln (D-Ark.) claimed her 353-page Wall Street Transparency and Accountability Act "will bring 100 percent transparency to an unregulated $600 trillion market, close all loopholes, and keep jobs on Main Street." She expects it to be added as a floor amendment to the financial reform bill reported by the Senate Banking Committee on March 22 in a party-line vote. Last December, the House passed its own bill (H.R. 4173), also along party lines. Senate Majority Leader Harry Reid (D-Nev.) tried to bring the financial reform bill to the floor on Thursday. He will attempt a cloture vote as soon as Monday, which would seek 60 votes to limit debate in order to overcome a filibuster.