You are hereThe Hill: Chamber, manufacturers lobby to kill anti-Wall Street derivatives measure

The Hill: Chamber, manufacturers lobby to kill anti-Wall Street derivatives measure


April 30, 2010- The country's biggest manufacturing and business interests are urging senators to kill financial legislation requiring Wall Street banks to spin off their derivatives desks.

The U.S. Chamber of Commerce, National Association of Manufacturers and Business Roundtable, among other groups, are urging the Senate to drop the requirement.

The provision has quickly developed into one of the most contentious parts of legislation aimed at regulating the multitrillion-dollar market for financial derivatives, which some blame for exacerbating the financial crisis. Senate Agriculture Committee Chairwoman Blanche Lincoln (D-Ark.) first proposed the "spin-off" provision. Bank analysts say it could lead banks to raise tens of billions of dollars to capitalize their derivatives operations.

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