Reform bill passes Ag Committee before full Senate debate
The US Senate Committee on Agriculture, Nutrition and Forestry has approved the Wall Street Transparency and Accountability Act, containing some of the strongest derivatives reforms proposed since the financial crisis.
The bill was introduced by Senate Agriculture Committee chair, Democrat senator Blanche Lincoln, last week. "My bill will bring the $600 trillion derivatives market out of the dark and into the light of day, ending the days of backroom deals and putting this money on Main Street where it belongs," she says.
The legislation will be incorporated into the larger financial reform bill to be considered by the full Senate in the coming weeks.
Lincoln's bill prohibits the Federal Reserve and Federal
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