Republicans Near a FinReg Deal; Derivatives Proposal Moves Out of Committee
Talking Points Memo reports that Sen. Richard Shelby (R-Ala.), the ranking member of the Senate Banking Committee, says Republicans are close to supporting Sen.
Jul 31, 2020106.2K Shares1.6M Views
Talking Points Memo reportsthat Sen. Richard Shelby (R-Ala.), the ranking member of the Senate Banking Committee, says Republicans are close to supporting Sen. Chris Dodd’s (D-Conn.) financial regulatory reform bill. “We’re very close to a deal and there will be a substantial number of Republicans that go along with it,” Shelby says. Senate Minority Leader Mitch McConnell (R-Ky.) had last week convincedall 41 Republican Senators to sign on to a letter opposing the bill on the grounds that it would create “perpetual bailouts” for Wall Street firms. It now seems Republicans will not filibuster the popular bill.
Additionally, the Senate Agriculture CommitteepassedSen. Blanche Lincoln’s (D-Ark.) derivatives reform bill out of committee. All of the committee Democrats, plus Sen. Charles Grassley (R-Iowa), agreed to the plan, which Wall Street stringently opposes.
Rhyley Carney
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