Lincoln Swaps Measure’s ‘Essence’ Will Be in Bill, Frank Says
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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.
“The essence of how of what Senator Lincoln wanted to do on pushing derivatives out of the banks will happen, and certainly they will be totally insulated from any insured deposits,” Frank, the Massachusetts Democrat leading House- Senate negotiations on the legislation, told reporters during a break in the talks.