Derivatives battle
May 19, 2010 | federal legislation, industry | Comments (0)This has been going on for a two weeks now. From the story:
US Senate Banking Committee Chairman Chris Dodd made a last-minute amendment to a massive financial overhaul bill to resolve a dispute over derivatives.
The Democrat’s measure would postpone any action on the complex financial instruments for two years so it can be studied by a new council of regulators headed by Treasury Secretary Timothy Geithner.
Derivatives are blamed for overheated speculation that fueled the global financial collapse of 2008.
Dodd’s move sought to overcome a major outstanding issue on Wall Street reform, as the US Senate set the stage for a final vote as early as this week on the overall financial legislation.
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