rssFor FinReg, Wall Street Focus Lands Again on Little Rock
Monday, June 07, 2010 at 8:33 am
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The conference committee to merge the Senate and House financial regulatory reform bills begins on Thursday, but the negotiating has long been underway behind closed doors, with Republicans determining the measures they most wish to block and Democrats determining the measures they most wish to champion.
The point of greatest contention relates to new regulations of derivatives. Wall Street is allergic to the current Senate language, which would crimp the lucrative trading of the opaque financial instruments. But on that point of contention, the most critical variable remains unresolved. Tomorrow, all eyes on Wall Street will be on Little Rock, where Sen. Blanche Lincoln (D-Ark.) faces a primary runoff against Lt. Gov. Bill Halter.
Lincoln produced the language forcing financial firms to spin out their swaps trading desks, under pressure from a challenge from the left. But her big play against banks was not enough to defeat Halter the first time around, and unions still oppose the incumbent. Tomorrow, if Lincoln wins, the derivatives language might stay in. If she loses, it will be as good as gone — possibly traded for a stronger version of the Volcker Rule, which the banks also oppose, though less vehemently.
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