Even by the standards of the U.S. Congress, where committee chairmen traditionally wield their gavel for the benefit of home-state industries, Mary Landrieu’s unapologetic boosterism of Louisiana’s energy interests is drawing notice.
Of all the new rules for Wall Street being considered by Congress, few have the potential impact of a derivatives plan that emerged from nowhere and, to the surprise of its authors, has so far survived the debate.
Voters in 12 states delivered a mixed message as a Democratic senator in Arkansas survived a primary challenge, two former chief executive officers captured Republican nominations in California and a Tea Party activist won a race in Nevada to challenge the leader of the U.S. Senate.
U.S. Representative Barney Frank , who will lead congressional talks to produce a financial-regulation bill, said Senate language that would require commercial banks to wall off their swaps-trading operations “goes too far.”
Federal Deposit Insurance Corp. Chairman Sheila Bair is opposing a Senate measure that could cut off privileges to banks like Goldman Sachs Group Inc. and JPMorgan Chase & Co. that don’t segregate swaps trading units.
Senate Democrats are delaying action on a proposal to force banks including JPMorgan Chase & Co. and Goldman Sachs Group Inc. to wall off swaps trading while the plan’s sponsor deals with a re-election battle, lawmakers said.
Senator Blanche Lincoln ’s measure requiring banks to push their swaps trading desks to separate units will be in the final financial-regulation bill in some form, Representative Barney Frank said today.