Agricultural News
Senate Ag Committee to Mark Up Wall Street Legislation
Tue, 20 Apr 2010 17:25:20 CDT
The Senate Agriculture Committee was scheduled this morning to mark up the Wall Street Transparency and Accountability Act. Senators Blanche Lincoln, Tom Harkin and Robert Casey say - this legislation will bring transparency and accountability to the nation’s financial markets, and includes mandatory clearing and trading requirements, real-time reporting of derivatives trades and ensures that all loopholes are closed. The bill would become part of Senator Dodd’s Wall Street reform package.
Senator Lincoln calls her legislation, - real reform. She says it will provide 100 percent transparency to an unregulated 600-trillion dollar market, close all loopholes, prevent future bailouts, and keep jobs on Main Street. Lincoln says - through passage of this legislation, America’s consumers and businesses will finally see a financial oversight system that promotes and fosters the most honest, open and reliable financial markets in the world.
Senator Harkin says when Wall Street failed, - our economy fundamentally failed to work for ordinary Americans on Main Street. Harkin emphasized - we cannot allow these same reckless financial practices to continue, unregulated, into the future. Senator Casey says - the choice is simple: to allow Wall Street to continue to make the rules or to put in place commonsense safeguards to protect consumers and the economy.
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