McConnell, Cornyn, and Saxby Chambliss were taking a hard line on derivatives regulation. However, the Democrats, lead by President Obama finally decided to push forward and dare the Republicans to filibuster and prevent debate on the bill. Now, the bottom is beginning to fall out, because who wants to be the hold out and demand that Big Banks should continue to freely participate in the derivatives market without regulation? I imagine there will be a few holdouts who insist that derivatives regulation will hurt the economy despite the meltdown of 2008.
http://online.wsj.com/article/SB10001424052748704133804575197962008213550.html?mod=WSJ_hpp_LEFTTopStories
WASHINGTON—Democrats won the support of a senior Republican who voted in a Senate committee Wednesday for a sweeping overhaul of the market for derivatives, the complex financial instruments at the heart of the financial crisis.
The backing from Sen. Charles Grassley (R., Iowa) is the first sign of what Democrats hope will be an eventual wave of Republican support. He was the first Senate Republican to support any part of the financial-rules overhaul.
The move was also significant because Mr. Grassley said he favored one of the bill's most controversial elements, a provision that could force Wall Street banks to spin off their derivatives trading desks.
The 13-8 vote in the Senate Agriculture Committee came as Senate lawmakers appeared to be inching closer to a deal on a broader remake of market rules. Although differences remain, the populist and bitter rhetoric that infected the debate over financial regulations has cooled.