Senate Ag Leaders React to Passage of Finance RegulationsThu, 15 Jul 2010 17:17:27 CDT
Senate Ag Committee Chairman Blanche Lincoln says the financial reform bill will rein in the reckless Wall Street behavior that nearly destroyed the nation's economy. Lincoln worked on the derivatives title. The Arkansas Senator says the legislation brings a 600-trillion dollar unregulated derivatives market into the light of day - ending the days of Wall Street's backroom deals and putting money back on Main Street where it belongs.
But Senate Ag Ranking Member Saxby Chambliss claims nothing in the 23-hundred page bill deals with the primary catalyst of the market instability in the economy - the bailout behemoths Fannie Mae and Freddie Mac. Chambliss says the bill ignores the devastating impact these two entities continue to have not only on our capital markets - but also the nation's deficit. Chambliss contends the rules will make it more expensive for ag banks to do business and he says farmers and ranchers, electric co-ops and ethanol facilities will ultimately bear the burden.
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