Senate Banking Committee Begins Markup Of Derivatives Proposal; Senate Agriculture Committee Holds First Hearing

November 20, 2009

The Senate Banking Committee on November 19 began consideration of a major financial reform proposal with opening statements from Committee members. The comprehensive proposal includes a number of derivatives regulation provisions that raise concerns for NAM members who use OTC derivatives to manage risk. The Senate Agriculture Committee, which shares jurisdiction with the Banking Committee, held its first hearing on derivatives reform November 18. Senate Agriculture Committee Chairman Blanche Lincoln (D-AR) said November 18 that she and the Committee's ranking member, Sen. Saxby Chambliss (R-GA), will work together on their own derivatives reform legislation.

On the House side, Financial Services Committee Chair Barney Frank (D-MA) has indicated a comprehensive financial services reform package, including the derivatives reform section, could be on the House floor after the Thanksgiving recess. Details: Dorothy Coleman, (202) 637-3077.