LIVE CSpan.org! Senate Agriculture Committee markup on bill to regulate over-the-counter derivatives

[flpoljunkie]

BILL AIMS FOR WALL STREET TRANSPARENCY, OVERSEE DERIVATIVES

LIVE Video

The Senate Agriculture Committee has begun to markup a bill that would regulate over-the-counter derivatives and require full transparency of investment transactions. Cmte. Chair Sen. Blanche Lincoln (D-AR) introduced the Wall Street Transparency and Accountability Act last week and is expected to merge her proposal into Sen. Dodd's (D-CT) financial overhaul bill. Other aspects of the bill include closing loopholes and preventing future financial bailouts

http://www.cspan.org/Watch/Media/2010/04/21/HP/R/32008/Bill+Aims+for+Wall+Street+Transparency+oversee+derivatives.aspx

[flpoljunkie]

1. Big crowd!

[Kdillard]

2. I wish I could watch this but my phone doesn't play the video. In any case good news

And welcome start.

[flpoljunkie]

3. We will soon see.

[flpoljunkie]

4. Bill passed out of Agriculture Committee 13-8 with Chuck Grassley voting with the Dems.

Agriculture Committee Approves Derivatives Bill
Rachel Slajda
April 21, 2010, 12:14PM

The Senate Agriculture Committee today approved a derivatives regulation bill which will be merged with the banking committee's financial reform bill. The vote was 13 to 8.

Sen. Chuck Grassley (R-IA) joined the committee's Democrats in voting yes on the bill, which was written by chairman Blanche Lincoln.

Because derivatives often derive their value from commodities, they partially fall under the purview of the agriculture committee, which oversees the Commodities Futures Trading Commission.

The largely unregulated trade of derivatives is considered a major contributor to the recent financial crisis.

Ranking member Saxby Chambliss (R-GA) said he opposed the bill because it would treat small community banks the same as large firms like Goldman Sachs. But the head of the commodities commission, and the Democrats, disagreed.

http://tpmlivewire.talkingpointsmemo.com/2010/04/agriculture-committee-approves-derivatives-bill.php?ref=fpa