Financial Debate Finally Reaches Senate Floor

Financial Debate Finally Reaches Senate Floor

After several misfires, debate on financial overhaul has begun.

The U.S. Senate is out of its deadlock on financial regulatory reform and is now discussing the Dodd-Lincoln Wall street reform legislation openly on the Senate floor. The legislation includes the major provisions of The Wall Street Transparency and Accountability Act authored by Ag Committee Chairman Blanche Lincoln, D-Ark., which the Committee approved last week with bipartisan support.

On the Senate floor, Senator Lincoln voiced her support for the substitute amendment.  She said this substitute legislation takes the best of both Committee's products and represents the strongest reform legislation to date. She says this legislation will keep banks in the business of banking, prevent future bailouts and, through the work done with Banking Chairman Christopher Dodd, D-Conn., put an end to "too big to fail."

Senator Saxby Chambliss, R-Ga., Ranking Member of the Senate Agriculture Committee, told the Senate that Republicans are just as anxious as Democrats to address what went wrong on Wall Street and frankly it is long overdue. But the Senator said, "I have to encourage my colleagues to oppose the derivatives portion of this bill because I think it will have undesirable consequences for Main Street businesses and consumers who are already struggling in this weakened economy."

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