April 26th, 2010
11:24 AM ET
4 years ago

Senate Democrats in deal on risky trades

Sens. Blanche Lincoln and Chris Dodd have hammered out a deal that would impose new rules on the complicated financial bets that fueled the mess of the past three years.
Sens. Blanche Lincoln and Chris Dodd have hammered out a deal that would impose new rules on the complicated financial bets that fueled the mess of the past three years.

Washington (CNNMoney.com) - Two key Democratic senators have hammered out a deal that would impose new rules on the complicated financial bets that fueled the mess of the past three years, a congressional aide said Monday.

Details on the deal between Agriculture panel chairwoman Sen. Blanche Lincoln, D-Ark., and Banking panel chief Sen. Christopher Dodd, D-Conn., were scarse. But one aide told CNN that the deal maintained a provision that Lincon's committee passed last week that would force banks to spin off their swaps desk, or the parts that deal in making such risky bets.

Last week, one Republican - Sen. Chuck Grassley, R-Iowa - joined Democrats in passing the bill, which could signal broader GOP support for the general regulatory overhaul effort in coming weeks.

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Filed under: Blanche Lincoln • Chris Dodd • CNNMoney.com • Financial Reform
soundoff (30 Responses)
  1. Dale

    I don't want Dem's making ANY new laws.

    Dood was one that made this BS reality years ago, now we want him to fix it?

    Lawyers cannot create laws that don't scr*w the American people so NO,,,,,,, Get some regular people in there to make this call. America cannot handle any more laws from LAWYERS.

    April 26, 2010 11:43 am at 11:43 am |
  2. Bhuttu Mathews

    "scarse"? Really? Seriously?? What kind of people let you pass high school English?

    April 26, 2010 11:44 am at 11:44 am |
  3. Dutch/Bad Newz, VA

    Now that Sen. Lincoln is being challenged from the left, she is trying her hardest to side with the hometeam. Too late Blanche! You should have voted Yes on healthcare. The American people are 100% assured financial reform is going to get passed, but we weren't 100% sure about healthcare reform passing. You dropped the ball senator.

    April 26, 2010 11:46 am at 11:46 am |
  4. No More Incumbents

    And I'm sure Dodd will get a financial incentive to pass the "right" legislation. I wouldn't let this crook balance my checkbook.

    April 26, 2010 11:48 am at 11:48 am |
  5. Boo

    A financial reform bill is a no brainer – desparately needed. Having Chris Dodd involved who has a history of personal unethical financial decisions and key government oversight that caused most of our problems is more than risky it is idiotic.

    April 26, 2010 11:51 am at 11:51 am |
  6. Ancient Texan

    Just a question. Why is the fox that, along with his pal Barney Frank, was at fault in the financial disaster that followed their protesting any effort to put controls on Fannie/ Freddie, put in charge of the hen house now? The two along with Bill Clinton and Janet Reno caused the collapse.

    April 26, 2010 11:57 am at 11:57 am |
  7. Dano

    With almost 2/3 of the country supporting more regulation of Wall Street and the banking industry, Republicans won't be able to blindly oppose this legislation as they did with health care reform. They were able to convince people during the 80's and 90's that the financial & banking industries could control their greed and police themselves, but we all know how that turned out.

    April 26, 2010 12:07 pm at 12:07 pm |
  8. Anonymous

    Chris Dodd is part of the reason that got this whole mess rolling down hill. We don't need any input from the ones that started the fire on how to put it out. Time to be quiet and just retire Mr. Dodd.

    April 26, 2010 12:08 pm at 12:08 pm |
  9. Willy Brown

    The fact that Dodd’s is even in the same room with this after he and Barney Franks caused the financial melt down is hilarious. As for Lincoln babe, buh bye in November's election

    April 26, 2010 12:08 pm at 12:08 pm |
  10. j

    It`s a start

    April 26, 2010 12:12 pm at 12:12 pm |
  11. Mark from Louisiana

    Chris Dodds policies have lead to the housing collapse and he's writing a bill on regulations????????

    That's like letting osama bin laden run the Defense Department.

    April 26, 2010 12:12 pm at 12:12 pm |
  12. Steve from California

    Dodd and Lincoln, two lame duck criminal politicians who won't be around much longer.

    April 26, 2010 12:15 pm at 12:15 pm |
  13. JonDie

    The news media has made such a big deal about Bernie Madoff. Sure, Madoff broke the law and conned a lot of people. But most of the conned were greedy suckers who expected to get something for nothing, even as the rest of us lost our shirts during the Great Republican Recession of 2008.

    And not only Madoff is taking his medicine, he isn't letting anyone take the hit but himself. That's a far cry from Bush and Cheney, who are not only bigger crooks than Madoff, Bush and Cheney got millions killed or wounded in their criminal enterprise in Iraq, including more than 50,000 American soldiers, and they FAILED to protect the country against Al Qaeda

    April 26, 2010 12:19 pm at 12:19 pm |
  14. Steve (the real one)

    Not sure why ANYBODY is allowing Dodd to be anywhere near this. We are still paying for the damage the and Frank did the last time!

    April 26, 2010 12:29 pm at 12:29 pm |
  15. Anonymous

    Having Chris Dodd involved with this legislation, is like putting the fox in charge of the chicken coop.

    April 26, 2010 12:30 pm at 12:30 pm |
  16. spel czecher

    Seems that there are a lot of details that are "scarse" in DC
    these days. Ever wonder why?

    April 26, 2010 12:30 pm at 12:30 pm |
  17. Obama the liar

    Lincoln still believes she has a chance of being re-elected....liberal fool.

    April 26, 2010 12:36 pm at 12:36 pm |
  18. Michael Armstrong Sr.

    If the democrats really cared about the past there would be more Wall Street people in prison .

    April 26, 2010 12:42 pm at 12:42 pm |
  19. MDM

    Why no mention in the bill of Fannie or Freddie? or what to do with them?

    April 26, 2010 01:00 pm at 1:00 pm |
  20. Bob in PA

    We need Government reform, not financial markert reform. Chris Dodd is partly responsible for this mess. Stear clear of any ideas this man has.

    April 26, 2010 01:07 pm at 1:07 pm |
  21. ART

    I for one cannot afford to lose $150,000 in my retirement again so some thing needs to be done. Why are these do nothing Republicans still collecting pay checks if they refuse to do any work

    April 26, 2010 01:17 pm at 1:17 pm |
  22. deb0155

    Chris Dodd?! Give me a break! That man has nerve "hammering" any financial reform! He is one of the idiots who got us in this mess! He's a liar, scammer, cheater and made out like a bandit!

    What a con man Chris Dodd is!

    April 26, 2010 01:18 pm at 1:18 pm |
  23. whatnextnow

    Seems what ever the Dems do these days screws this country more, they cant never sit down and take the time to do something right, they have to hurry and push crap through just to say they did something, no matter how bad it is for the country.
    This Financial Reform is a Big Big Deal and needs to be done properly, not a fly by night deal like healthcare or we will be more screwed and more jobs will be lost, what is left of them now thanks to this Administration.

    April 26, 2010 01:19 pm at 1:19 pm |
  24. Dean

    Chris Dodd, where were you when you, Barney Frank and Bill Clinton
    removed the Glass-Steagall Act in 1999?
    You are a joke.

    April 26, 2010 01:25 pm at 1:25 pm |
  25. Claudia, Houston, Tx

    They better get financial reform passed before the crooks rob Americans again.

    April 26, 2010 01:27 pm at 1:27 pm |
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