Lobbyists are moving franticly to effect last minute changes to derivatives reform on Capitol Hill this afternoon, as Obama’s Democrats seek to put the Wall Street Transparency and Accountability Act of 2010 to a final vote.
“It’s D-Day for derivatives”, declared Warren Davis, a partner with Washington-based law firm Sutherland. “What I’m hearing is Barney Frank is very keen on getting it done today. He wants it pushed through tonight.”
Asked of the likelihood of the bill passing tonight with senator Blanche Lincoln’s swap desk spinoff provision intact, however, Davis was sceptical. “These are thorny issues – I think it all comes down to votes. There are a couple of Democrats who will likely vote against it, because it’s too weak.”
Two Democrats - Russ Feingold and Maria Cantwell - both liberals who have...