The Senate Banking Committee approved the proposal to overhaul the US derivatives market, entitled “Restoring American Financial Stability” in a vote held on March 22. The plan was approved by a margin of 13 votes in favour against 10 that opposed the proposal.
A vote was called when the Democratic committee leader, Christopher Dodd, announced on March 15 that he was suspending negotiations with the Republican Party, which had started in February.
Senator Bob Corker, a Tennessee Republican who had been leading talks with Dodd to seek a bipartisan agreement, said he was disappointed by Dodd’s decision to break off talks. He insisted that a deal between the two parties was close.
Both Corker and Richard Shelby, an Alabama Senator who...