Sen. Cantwell to Support Financial Overhaul Bill
Parent(s) Candidate
Contributor RP
Last Edited RP Jul 01, 2010 08:23pm
Category Proposed Legislation
Author DAMIAN PALETTA
Media Newspaper - Wall Street Journal
News Date Friday, July 2, 2010 02:00:00 AM UTC0:0
Description Sen. Maria Cantwell (D., Wash.) said in an interview Thursday she would vote for the financial-overhaul bill when lawmakers return from the July 4th recess, bringing the White House to the verge of the 60 Senate votes it needs to ensure passage.
Ms. Cantwell said she was convinced the bill would toughen regulation of the derivatives market. Specifically, she had insisted the bill contain penalties for companies who didn't certain swaps through a "clearing" process meant to increase transparency in the market.
"While we can't do everything, what we can do is make sure we have a law on the books to take the $600 trillion derivatives market and shine a very bright light on it," she said in an interview.
Ms. Cantwell's support for the bill had previously been unclear. She voted against an earlier Senate version of the legislation in May over her concerns the derivatives section wasn't strict enough.