from Financial Regulatory Forum:

Bernanke defends Fed small bank supervision role

March 18, 2010

   By Mark Felsenthal
   WASHINGTON, March 17 (Reuters) - Top U.S. central bankers present and past on Wednesday joined forces against a plan to strip the Fed of its oversight of smaller banks, saying the knowledge it gains from that role is vital to monetary policy.
   U.S. Federal Reserve Chairman Ben Bernanke urged lawmakers to reconsider an element of a Senate regulatory overhaul bill that would shift supervision of thousands of banks to other regulators.
   "The insights provided by our role in supervising a range of banks, including community banks, significantly increase our effectiveness in making monetary policy and fostering financial stability," he told the House of Representatives Financial Services Committee.
   Former Fed Chairman Paul Volcker joined Bernanke in defending the Fed's role in supervising smaller firms.
   "The Fed's regional roots would be weaker and a useful source of information lost," he said. Volcker is now an economic adviser to the Obama White House.
   Lawmakers have heaped criticism on the institution for oversight lapses that contributed to the worst financial crisis in generations. Congressional proposals to overhaul financial supervision could redistribute regulatory powers among different regulatory agencies.
   Senate Banking Committee Chairman Christopher Dodd, who has called the Fed's regulatory performance in the run-up to the crisis an "abysmal failure," proposed in November stripping the central bank of its bank oversight powers.
   Revised legislation he unveiled on Monday would allow the Fed to oversee banks and important financial firms with assets greater than $50 billion.
   However, the measure would pull the Fed out of supervision of more than 5,000 smaller bank holding companies and state-chartered banks, handing those responsibilities to the Federal Deposit Insurance Corp and the Office of the Comptroller of the Currency. For more see [ID:nN15221993].
   Bernanke argued that small banks provide the Fed with an important window into financial conditions throughout the nation's economy.
   "We are quite concerned by proposals to make the Fed a regulator only of the biggest banks, making us essentially the 'too big to fail' regulator," he said. "We want to have a connection to Main Street as well as to Wall Street."
   The 11 regional Federal Reserve Banks outside Washington and New York would likely see their responsibilities shrink if the Fed no longer oversees smaller banks.[ID:nLDE62G1EZ].
   Regional Fed banks have come under fire because many of their directors are chosen by banks, leading to charges of regulatory conflicts of interest. Bernanke acknowledged the perception exists but said it is not grounded in reality.
   However, he said the Fed would be open to changes in the way regional Fed bank boards are selected.
   Public resentment at the government's bailout of large financial institutions and anger over a deep recession have helped make regulatory reform a top priority for the Obama administration and lawmakers in a midterm election year.
   Passage of financial reform legislation is uncertain in the Senate where many Republicans remain opposed to the measure Dodd has unveiled.
   The House has passed a bill that would leave the Fed in charge of supervising smaller banks.
   But the House measure contains a provision which the Fed strongly objects to that would allow Congress to review the Fed's monetary policy decisions -- a provision that is not in Dodd's proposed bill.
   Financial Services Committee Chairman Barney Frank said he expects lawmakers to meet to meld the House and Senate bills in April or early May.
  For a text of Bernanke's prepared testimony, see: [ID:nN17148192] ((For more stories on Fed policy, please double click on [FED/AHEAD])) (Reporting by Mark Felsenthal; Editing by Kenneth Barry) ((mark.felsenthal@thomsonreuters.com; Tel: +1 202 898 8329; Reuters Messaging: mark.felsenthal.reuters.com@reuters.net)) Keywords: FINANCIAL REGULATION/FED 
  
Wednesday, 17 March 2010 23:52:08RTRS [nN17144210] {C}ENDS

from Financial Regulatory Forum:

US Senate panel seen approving financial reform

March 17, 2010

   By Kevin Drawbaugh and Karey Wutkowski
    WASHINGTON, March 16 (Reuters) - The new financial reform bill introduced in the U.S. Senate will likely be approved at the committee level next week, but its shape could change substantially once it comes before the full Senate and winning Republican support comes into play, analysts said on Tuesday.
   The 1,336-page measure leaves major issues still to be worked out, likely on the Senate floor and beyond, including regulating over-the-counter derivatives, applying the "Volcker rule" on curbing risky trading by banks, and imposing stricter bank capital and liquidity standards.
   The bill introduced by Senate Banking Committee Chairman Christopher Dodd, a Democrat, on Monday faces a reasonably smooth road at the committee level, where Democrats hold enough votes to pass the measure without any Republican support.
   But once it advances to the full Senate, the arithmetic changes, with Democrats only controlling 59 of the 60 votes that will be needed to overcome procedural roadblocks that sure to be thrown up by Republicans.
   "We caution the bill is currently without Republican support ... so we expect the bill to undergo significant changes over the next month," said Brian Gardner, an analyst at investment firm Keefe Bruyette & Woods. He expects the bill to be passed by the banking committee next week.
   Dodd told MSNBC that Congress needs to fast-track reform, despite Republican pleas to slow down. He said Congress should not adjourn for a two-week recess on March 26 without acting.
   "We really can't allow this Congress to adjourn without addressing these basic issues," said Dodd, among those concerned that lawmakers will soon become too distracted by the coming November elections to act on major legislation.
   Dodd, who is not seeking reelection in November, released his bill on Monday after marathon talks with Republicans failed to produce a bipartisan deal on proposals for the most sweeping overhaul of bank and capital market oversight since the 1930s.
   The committee will convene on March 22 to debate and amend the bill in a working session known as a mark-up. Dodd hopes the process can be completed within a week.
   Democrats hold 13 committee seats, the Republicans have 10. The bill can win passage in committee with 12 votes.
  
   DODD: 'YOU NEVER KNOW'
   Dodd on Tuesday indicated optimism on the bill, but acknowledged that there is work yet to be done.
   "We've made a lot of progress, the bill reflects that," he told reporters in the Capitol. "Some Republicans have indicated we're 80 or 90 percent agreed. I think it's a little more optimistic than I would place it.
   "We think we have consensus on the committee. You never really know that until you get into the markup," he added.
   Working closely with bank lobbyists, Republicans have fought for months to weaken or block regulatory reforms since President Barack Obama's original mid-2009 proposals.
   The U.S. House of Representatives in December approved most of Obama's package, but without a single Republican vote.
   On Tuesday, almost two years since the near-collapse of former Wall Street giant Bear Stearns ushered in the worst financial crisis in generations, Republicans were pushing Dodd to put the brakes on the banking committee's timetable.
   A one-week deadline for committee passage is "way too quick," said Republican Senator Bob Corker, who had tried but failed for weeks to reach a bipartisan deal with Dodd.
   Corker was optimistic, however, about chances of Congress approving a reform bill this year. "The odds are very high, and I think there are people on both sides of the aisle that actually want to see a bipartisan bill," he said on CNBC.
   The bill unveiled on Monday serves as a placeholder, Dodd told CNBC, noting that a proposed government watchdog for financial consumer products and increased shareholder rights are two issues "still in controversy."
  
   OTC DERIVATIVES IN FLUX
   The bill repeats language first proposed by Dodd in November to crack down on the $450-trillion over-the-counter derivatives market. Risky derivatives instruments such as credit default swaps, a type of insurance used by bondholders, have been blamed for helping to cause the financial crisis.
   A compromise proposal being worked on by two other senators, Democrat Jack Reed and Republican Judd Gregg, is expected eventually to replace what is in the bill now.
   Treasury Secretary Timothy Geithner said on Fox Business Network on Tuesday that he supports changing Federal Reserve governance to eliminate any perception of undue influence by banks. Dodd has proposed making the president of the New York Federal Reserve a presidential appointee.
   The New York Fed acts as the U.S. central bank's arm on Wall Street, implementing monetary policy and regulating most of the biggest U.S. banks. Its president is currently chosen by a nine-member board of directors that includes heads of banks it regulates.
    Dodd also proposes enforcing the "Volcker rule" -- first introduced by Obama early this year and named after White House economic adviser Paul Volcker -- that would curb proprietary trading at banks and force them out of the hedge fund business. No rule, however, could be imposed until a study is done by a proposed council to oversee systemic financial risk.
   "This seems like it is less than a total ban and it is a point that will need to be clarified before the committee votes," said Jaret Seiberg, an analyst at Concept Capital.
   The bill also calls for stricter bank capital and liquidity standards, but they are not clearly defined. The details will depend on the efforts of international banking supervisors tasked with developing new standards.
   Both Democrats and Republicans seem to agree on other issues, such as forming the new systemic risk council and putting in place a new process for dealing with large financial firms that get into trouble.
   With that as a backdrop, Dodd is likely to ram his bill through the banking committee next week, possibly with no Republicans voting in favor it, Seiberg said.
   "Once the committee votes, the real negotiations will start," he said. (Additional reporting by David Morgan, Christopher Doering, Mark Felsenthal and Glenn Somerville; Editing by Leslie Adler) ((kevin.drawbaugh@thomsonreuters.com, +1 202 898 8390, +1 202 488 3459 (fax))) Keywords: FINANCIAL REGULATION/ 
  
 . Keywords: FINANCIAL REGULATION/ 
  
Tuesday, 16 March 2010 22:30:25RTRS [nN16227570] {C}ENDS

from Financial Regulatory Forum:

Wachovia in talks with U.S. to settle probe-WSJ

March 16, 2010

   March 15 (Reuters) - The Wachovia Bank unit of Wells Fargo & Co <WFC.N> is in talks with the U.S. Justice Department to settle complaints relating to the alleged failure in bank controls that enabled Mexican exchange houses to launder drug money, the Wall Street Journal said, citing people familiar with the situation.
   A settlement could come within weeks, the people told the paper. It is not clear whether cash payment will be part of the settlement, the newspaper said.
   In a statement, Wachovia said it is cooperating with the probe, which concerns matters predating the bank's takeover by Wells Fargo. It said it is "committed to maintaining compliant and effective anti-money laundering policies and practices, and a strong compliance and risk management culture."
   The U.S. attorney's office in Miami began the probe about three years ago, and has focused on the alleged role a Wachovia unit played in processing illegal money transfers for the exchange houses, the newspaper said, citing court documents and people familiar with the matter.
   The exchange houses dot the U.S.-Mexican border and serve as a hub in the global remittance business that allow U.S. immigrants to send money back to Latin America to help relatives, according to the newspaper.
   However, Federal officials also have identified the money transfer business as a way for drug traffickers to move cash around, the newspaper said.
   In an annual filing with the U.S. Securities and Exchange Commission on Feb. 26, Wells Fargo said it "is engaged in discussions to resolve this matter by paying penalties and entering into agreements concerning future conduct." (Reporting by Sakthi Prasad in Bangalore; Editing by Derek Caney and Richard Chang) ((sakthi.prasad@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: sakthi.prasad.reuters.com@reuters.net)) Keywords: WACHOVIA/USDOJ 
  
  Keywords: WACHOVIA/USDOJ 
  
Monday, 15 March 2010 23:06:36RTRS [nN15218444] {C}ENDS

from Financial Regulatory Forum:

CFTC’s Gensler says unconvinced about CDS ban

March 16, 2010

    BRUSSELS, March 16 (Reuters) - The derivatives market remains a "dark ocean" that needs more transparency but it was unclear if a ban on credit default swap trading would work in practice, a top U.S. regulator said on Tuesday.
   "I am not sure how an outright ban would work mechanically," Gary Gensler, chairman of the U.S. Commodity Futures Trading Commission, told the European Parliament.
   An outright ban would be difficult to police and the answer was greater transparency and supervisory powers to set position limits, Gensler added.
   European Union finance ministers, also meeting in Brussels on Tuesday, were due to discuss calls from Greece to crack down on so-called naked selling of CDS contracts which it blamed for amplifying its debt woes. (Writing by Huw Jones, editing by Mike Peacock) ((Reuters messaging: huw.jones.reuters.com@reuters.net; + 44 207 542 3326; huw.jones@thomsonreuters.com))
 Keywords: EU USA/DERIVATIVES
  
Tuesday, 16 March 2010 09:00:08RTRS [nLDE62F0FJ] {C}ENDS

from Financial Regulatory Forum:

Fannie, Freddie to clear interest rate swaps

March 12, 2010

   By Ann Saphir
   BOCA RATON, Fla., March 11 (Reuters) -   Fannie Mae and Freddie Mac, the mortgage-funding giants that were seized by the government in September 2008, will start using central counterparty clearing this year in a move that could mark a seismic shift in the $400 trillion global swaps market.
   The administration, regulators and lawmakers want to shift more derivatives -- seen by some as a cause of the financial crisis that deepened the worst recession since the 1930s -- into clearinghouses, where they may pose less of a systemic financial risk. Clearers stand between trades.
   But dealers profit from the system as it stands now, and Commodity Futures Trading Commission Chairman Gary Gensler on Thursday painted them as reluctant to shift from the opaque world of off-exchange derivatives to regulated clearinghouses, such as those run by CME Group Inc <CME.O> and LCH.Clearnet.
   The decision to move Fannie and Freddie's combined swaps portfolio -- among the largest in the United States at $3 trillion -- to clearing gave notice the government is putting its money where its mouth is.
   "You can't kick and scream anymore because I am buy-side," Martha Tirinnanzi, chairman of the Federal Housing Finance Agency's clearinghouse working group, told reporters after a panel at the Futures Industry Association's annual meeting here. "It will be a signal to the sell-side that this market has changed."
   The agency has run the housing lenders since they were made wards of the state, and has been studying central clearing for the last 10 months as a way of mitigating credit risk.
   About 75 percent of the combined portfolio of Fannie Mae <FNM.N> and Freddie Mac <FRE.N> is standardized enough to be eligible for clearing, she said.
   "We are moving to central clearing," Tirinnanzi told the panel. "We expect to be there within months."
   The agencies will begin by moving newly executed swaps -- used to hedge their mortgage portfolios -- into clearinghouses, she said. Eventually all clearing-eligible swaps will be warehoused at a regulated clearinghouse, she said.
   The agencies have tested their portfolios with Nasdaq OMX Group Inc's majority-owned clearinghouse, CME Group and LCH.Clearnet, she said, but they have not yet decided which to use. ((Reporting by Ann Saphir; Editing by Gary Crosse)) ((ann.saphir@thomsonreuters.com; +1-312-408-8592; Reuters Messaging: ann.saphir.reuters.com@reuters.net)) Keywords: FANNIE FREDDIE/CLEARING 
  
Thursday, 11 March 2010 23:48:57RTRS [nN11247530] {C}ENDS

from Financial Regulatory Forum:

US FDIC extends protection for securitized assets

March 12, 2010

   By Karey Wutkowski
   WASHINGTON, March 11 (Reuters) - U.S. bank regulators  extended a policy on Thursday that protects securitized assets in the event that a bank fails and is seized by regulators.
   The Federal Deposit Insurance Corp said its board approved an extension of the protection until Sept. 30, 2010, as it tries to craft permanent rules designed to revive the securitization market, but with stronger standards.
   FDIC Chairman Sheila Bair said in a statement that the extension will give the agency time to adopt final standards and the industry time to transition to new standards.
   "We will continue to seek broad agreement on securitization reforms that can be implemented by all the regulatory agencies," Bair said.
   In December, the FDIC proposed a new treatment for so-called "safe harbor" protection for securitized assets.
   The new standards, if approved by the FDIC board, would only protect securitized assets - such as those based on mortgages and auto loans - from failed banks under certain conditions.
   Those conditions include banks voluntarily retaining an ownership interest in the loans they package into securities, known as keeping "skin in the game."
   Banks would also have to tighten underwriting standards and disclose more details about the underlying assets, which could include individual mortgages and other debt backing the bonds.
   The proposal is designed to spur responsible securitizations, by offering banks extra protection for the loans.
   Industry groups are concerned the proposal threatens to undermine the securitization market and choke off an important source of credit.
   They have said that under the FDIC's proposal, investors would bear the burden of the loss of the safe harbor if any of the securitization preconditions are not satisfied.
   Comptroller of the Currency John Dugan, who serves on the FDIC board, has criticized the FDIC's proposal as aiming to reform only a portion of the securitization market, potentially creating an uneven playing field.
   Securitizations fueled the recent financial crisis because bad loans were packaged and then sliced and diced into securities that widely spread risk through the financial system.
   The market for securitizations froze during the crisis and has only recently begun to thaw, largely due to government support. (Reporting by Karey Wutkowski, editing by Leslie Gevirtz) ((E-mail:karey.wutkowski@thomsonreuters.com +1 202 898 8374))
   Keywords: BANKS SECURITIZATION/FDIC 
  
Thursday, 11 March 2010 23:56:37RTRS [nN11201481] {C}ENDS

from Financial Regulatory Forum:

INTERVIEW-CME’s CEO is not anxious about reform delay

March 11, 2010

   By Ann Saphir and Jonathan Spicer
   BOCA RATON, Florida, March 10 (Reuters) - Craig Donohue, head of the world's biggest futures exchange operator, said on Wednesday the growing number of months that regulators and politicians are devoting to revamping financial markets is a positive sign -- not something to grow anxious over.
   "There's value if the additional time is resulting in the opportunity to more carefully think through what type of legislation is appropriate" to deal with gaps in regulation that may have contributed to the financial crisis, Donohue, CME Group Inc's <CME.O> chief executive, told Reuters.
   "That's a positive thing," he said on the sidelines of the Futures Industry Association conference in Boca Raton.
   Some 18 months after the mortgage-inspired financial meltdown that sparked a global recession, the United States, the European Union and others are still debating and crafting rules meant to avoid a repeat of the crisis.
   Donohue said he welcomes some of the reform proposals being considered. CME Group could benefit as more over-the-counter products are forced through clearinghouses and exchanges, but could suffer if regulators restrict bank proprietary trading or impose steep position limits in commodities markets.
   A revised bill on financial regulation is expected very soon from the U.S. Senate's Banking Committee. [ID:nN10137492]
   The bill would tighten bank and capital market oversight and is expected to include measures for consumer protection, systemic risk, and an over-the-counter derivatives crackdown -- the issue central to CME Group, which recently launched a credit default swap clearinghouse and wants to clear more swaps.
   "We're expecting the Senate bill reasonably shortly," Donohue said. "The process is definitely evolving, but I'm not unhappy with the fact that there's been time to actually meet with legislators."
   The European Commission is expected to publish a draft law on derivatives clearing by July.
   "It's hard to judge" whether the political will to reform financial markets is waning, the CEO added. "Certainly there is a clear focus on the legislation." (Reporting by Ann Saphir and Jonathan Spicer; Editing by Gary Hill) ((jonathan.spicer@thomsonreuters.com; +1-646-223-6253; Reuters Messaging: jonathan.spicer.reuters.com@reuters.net))
   Keywords: CMEGROUP/ 
  
Thursday, 11 March 2010 01:08:40RTRS [nN10178974] {C}ENDS

from Financial Regulatory Forum:

US senators wrestle with Fed bank oversight issues

March 8, 2010

   By Kevin Drawbaugh and Rachelle Younglai
   WASHINGTON, March 8 (Reuters) - The Federal Reserve could retain oversight of large bank holding companies under a scaled-back regulatory reform plan being considered by key senators, but important questions remained unanswered, lobbyists said on Sunday.
   In a retreat from a bold proposal to streamline a patchwork bank regulatory system, lawmakers were considering keeping supervision of companies such as Citigroup <C.N> and Bank of America <BAC.N> at the Fed, as Reuters reported in February.
   It was still unclear, lobbyists said, if the Fed under the  evolving plan would be an "umbrella supervisor," continuing to rely on other agencies for detailed bank exams, and how many companies might be put under the Fed.
   One option, they said, was to assign holding companies with assets of $100 billion and up to the Fed, which would include nearly two dozen major firms.
   Other, more expansive options were also being considered, with Senate Banking Committee Chairman Christopher Dodd expected to unveil legislation as soon as this week after months of negotiations with fellow Democrats and Republicans.
   (For a Factbox on the keys to financial regulation reform in the U.S. Senate, double-click on [ID:nN05256609])
   Regulatory reform is a top domestic priority of President Barack Obama, who wants to crack down on banks and capital markets following the worst financial crisis in decades.
   Dodd in November called the Fed's past performance as a banking supervisor and consumer protection watchdog an "abysmal failure." When he made that remark, he proposed consolidating bank supervision into a super-cop for the industry to be called the Financial Institutions Regulatory Administration, or FIRA.
   (For a Factbox on key players in reshaping U.S. financial rules, double-click on [ID:nN02168734])
   But the FIRA proposal has unraveled as Dodd has discussed a range of compromises with Republicans and moved closer to embracing regulatory reforms watered down from a sweeping bill approved in December by the U.S. House of Representatives.
   (For a Factbox on how U.S. banking regulation is structured today, please double-click on [ID:nN26145675])
   The FIRA would have streamlined the bank oversight duties of the Fed, the Comptroller of the Currency, the Federal Deposit Insurance Corp and other agencies.
   The Fed in recent weeks has pushed hard to preserve its role as a supervisor. Senators are discussing doing that up to a point, but stripping the Fed of its job as supervisor of a large number of state-chartered banks.
   Dodd was said to be leaning toward reassigning those banks to the FDIC, which already examines many other state-chartered banks not in the Fed system, lobbyists said,
   Dodd also plans to call for closing the Office of Thrift Supervision, which regulates thrift institutions.
   On Friday, Dodd said he was uncertain whether bipartisan support for a compromise reform bill could be achieved. (Editing by Peter Cooney) (For a Scenarios on how the U.S. financial regulation fight might play out, double-click on [ID:nN04129297]) ((kevin.drawbaugh@thomsonreuters.com; +1 202 898 8390;
  Fax: +1 202 488 3459 )) Keywords: FINANCIAL REGULATION/FED
  
Monday, 08 March 2010 06:06:36RTRS [nN07145510] {C}ENDS

from Financial Regulatory Forum:

Kocherlakota: Fed’s bank supervisory powers critical

March 2, 2010

kocherlakota    By Ann Saphir
   MINNEAPOLIS, March 2 (Reuters) - Supervisory powers over banks are critical for the Federal Reserve to do its job, Minneapolis Fed President Narayana Kocherlakota said on Tuesday.
   In comments that largely echoed those made in St. Paul on Feb. 16, Kocherlakota said that a plan under consideration by U.S. lawmakers to remove those powers would be a mistake.
   "The improvement in our economic situation is attributable in large part to actions taken by the Federal Reserve, actions that were possible because of the expertise and information that the Federal Reserve had acquired as a supervisor of the nation's banks," he said in remarks to a business group in Minneapolis.
   "We avoided an economic depression this time. But stripping the Federal Reserve of its supervisory role would needlessly put a Great Depression on the menu of possibilities for our country."
    While the current crisis was fueled by risk-taking at large banks, Kocherlakota said, the Fed needs to have access to information about small banks as well -- a point not included in his maiden speech as Minneapolis Fed president last month.
   The government will likely respond to the recent crisis by tightening controls on larger banks, he said.
   "Inevitably, these constraints will lead risk-taking to move from large financial institutions to smaller ones, and will increase the probability of a financial crisis in the small institutions," he said.
   "Indeed, even now, the collective exposure of many smaller banks to commercial real estate may be exerting a significant drag on the overall economic recovery," he said.
   Kocherlakota repeated his view the U.S. economy will likely grow at an annual rate of 3 percent over the next two years, and that unemployment will likely still exceed 8 percent at the end of next year.
   Mitigating such trends, he reiterated, is relatively tame inflation -- suggesting he sees a smaller likelihood the Fed will need to raise interest rates to rein in unwanted price increases.
   The Fed lowered its overnight bank-to-bank lending rate target to near zero in December 2008 to help fend off the worst U.S. economic downturn since the Depression, and has pledged to keep rates there for an "extended period."
   Kocherlakota will rotate into a voting spot on the Fed's monetary policy-setting Federal Open Market Committee next year.
   (Editing by Chizu Nomiyama)
   ((ann.saphir@thomsonreuters.com; +1-312-408-8592; Reuters Messaging: ann.saphir.reuters.com@reuters.net))   
   Keywords: USA FED/KOCHERLAKOTA
  
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 Tuesday, 02 March 2010 19:00:32RTRS [nNYS007815] {EN}ENDS

from Financial Regulatory Forum:

US Sen Shelby: financial watchdog powers paramount

March 2, 2010

    WASHINGTON, March 2 (Reuters) - The top Republican on the U.S. Senate Banking Committee said on Tuesday that the powers granted to a new financial government consumer watchdog are more important than its location in the federal bureaucracy.
   "I don't think it's a question of where it's housed. I'm going to say it again, it's what it does," Senator Richard Shelby told reporters in a Capitol hallway.
   President Barack Obama's plan to set up an independent Consumer Financial Protection Agency to regulate mortgages and credit cards has been the main obstacle for weeks to a bipartisan Senate compromise on financial reform. (Reporting by Kevin Drawbaugh; Editing by Leslie Adler) ((kevin.drawbaugh@thomsonreuters.com, +1 202 898 8390, +1 202 488 3459 (fax)))
   Keywords: FINANCIAL REGULATION/SHELBY 
  
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 Tuesday, 02 March 2010 19:04:01RTRS [nWBT013682] {EN}ENDS