The Senate Agriculture Committee passed Chairman Blanche Lincoln’s Wall Street Reform bill today with bipartisan support. The vote was 13 to 8. Lincoln says the bill will bring “100 percent transparency to the nation’s financial markets” while preventing future bailouts. The measure will be put into the larger financial reform bill the full Senate will consider in the coming weeks. Lincoln says her bill will bring “the 600 Trillion Dollar derivatives market out of the dark and into the light of day.”
The Senate Ag committee rejected a substitute amendment from its Ranking Republican, Saxby Chambliss of Georgia, that would have replaced part of the language with a bipartisan draft Democrats and Republicans in the House Ag Committee had been working on.
Congressman and Ranking House Ag Committee member Frank Lucas blasted the vote saying it reversed months of bipartisan efforts to “bring greater transparency to the derivatives markets” while “allowing end-users to manage legitimate business risk.”
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