WASHINGTON, June 8 (Reuters) – U.S. Senator Blanche Lincoln, an Arkansas moderate Democrat, is buoyed by winning nomination to a third term in the Senate but not sure of victory for her hot-button Wall Street reform — forcing big banks to spin off their swaps desks.
The proposal is one of the salient disputes for House-Senate negotiations that could begin this week on a financial regulatory reform law. The Senate endorsed the idea. The House is silent on the question.
By Charles Abbott
WASHINGTON, June 7 (Reuters) – Senator Blanche Lincoln faces possible elimination in a Democratic run-off primary in Arkansas on Tuesday, putting at risk her tough stance against the big banks in Wall Street reform.
Lieutenant Governor Bill Halter held a small lead over Lincoln in polls of likely voters ahead of the vote. Lincoln led in the May 18 primary but did not get an outright majority to claim nomination for a third Senate term.
Lincoln is the author of a provision to force banks to spin off their swaps desks, which potentially could cost them billions of dollars in revenue. Lincoln says the step would prevent taxpayer bail-outs of banks due to risky trades.
By Kevin Drawbaugh
WASHINGTON, May 17 (Reuters) – The Wall Street reform fight enters its final stages in the U.S. Senate this week with an overdue reckoning on three issues that cut to the heart of how, and for whom, the financial system works.
Although a final vote is expected within days on the White House’s top domestic priority, lawmakers have yet to settle disputes on regulating over-the-counter derivatives; curbing risky trading by banks; and the power of state authorities.
There will need to be resolution on these topics before the Senate can approve a massive Democratic bill designed to make the financial system less prone to crises like that of 2007-2009.
By Charles Abbott and Roberta Rampton
WASHINGTON, April 16 (Reuters) – Senator Blanche Lincoln, a self-styled “farmer’s daughter” facing a tough re-election race in Arkansas, had not been expected to become the latest Democrat to rail against the risky practices of Wall Street.
Lincoln, chairman of the Senate Agriculture Committee, is known for working across party lines on issues, but took Washington by surprise with an aggressive draft bill she was unveiling on Friday that she hopes will force big banks out of the $450 trillion over-the-counter derivatives market.
“My bill will put banks back into the business of banking and prevent future bailouts of Wall Street firms engaging in risky behavior,” Lincoln said in a statement.
WASHINGTON, Nov 18 (Reuters) – The U.S. Senate Agriculture Committee chairman said on Wednesday she intends to draft legislation “that will bring much-needed transparency and accountability to the over-the-counter derivatives market.”
