Dodd Pushes to Get Bill on Derivatives to Floor; 'No Time for Small Fixes or Tweaking,' Lincoln Says

The Washington Times (Washington, DC), April 22, 2010 | Go to article overview
Save to active project

Dodd Pushes to Get Bill on Derivatives to Floor; 'No Time for Small Fixes or Tweaking,' Lincoln Says


Byline: Patrice Hill, THE WASHINGTON TIMES

Senate Democrats on Wednesday resumed their drive to enact sweeping changes in the nation's financial system even as they met behind the scenes with Republicans to try to forge a bipartisan bill.

The Senate banking committee's chairman, Christopher J. Dodd, promised to start Senate floor debate on the legislation within hours after the Senate Agriculture Committee approved for the first time an effective ban on bank trading in derivatives, the risky and complex securities that helped ignite the 2008 global financial crisis.

This is no time for small fixes or tweaking around the edges, said Agricultural Committee Chairman Blanche Lincoln, Arkansas Democrat, who faces a tough re-election fight with challenges from both the left and the right. This is the time for bold change and big decisions about the future of our country and the global financial system.

One Republican - Sen. Charles E. Grassley of Iowa - voted for the derivative reforms in a 13-8 committee vote, arguably the most radical change yet to be added to the legislation, although he said he still has reservations about the overall bill.

Many other Republicans - like the White House - objected that the provision could spawn unforeseen problems and pleaded for more time for negotiations over the 1,300-page bill to bear fruit.

All sides expressed optimism that a compromise was within reach despite many areas in dispute.

We're working at this thing. I think we're getting closer to the possibility of having a bill that will attract bipartisan support, Mr. Dodd said. The Connecticut Democrat is searching for votes from among a dozen or so moderate Republicans with whom he sees common ground.

It was not clear whether his threat to bring the bill to debate this week could force a confrontation with Republicans that would derail the possibility of an agreement. Democrats are likely to need at least one of the Senate's 41 Republican votes to proceed with debate on the bill.

We want a good bill, a bipartisan bill. The consequences of having a bad bill are great for our country said Sen. Kay Bailey Hutchison.

The Texas Republican said she came away from meetings with Treasury Secretary Timothy F. Geithner and White House economic adviser Lawrence H. Summers believing we are pretty close to an agreement. But she said 41 senators are against bringing a bill to the floor unless it's a good bill.

President Obama predicted the Senate would approve a bill within weeks and said the first-time regulation of the shadowy but gargantuan derivatives markets - which are estimated at up to $600 trillion in size - is essential to prevent the kinds of abuses and excesses on Wall Street that led to the financial crisis.

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
Loading One moment ...
Project items
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

Cited article

Dodd Pushes to Get Bill on Derivatives to Floor; 'No Time for Small Fixes or Tweaking,' Lincoln Says
Settings

Settings

Typeface
Text size Smaller Larger
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

While we understand printed pages are helpful to our users, this limitation is necessary to help protect our publishers' copyrighted material and prevent its unlawful distribution. We are sorry for any inconvenience.
Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.

Are you sure you want to delete this highlight?