Sens. Dodd, Lincoln strike deal on strict derivatives rules

Senate banking committee Chairman Christopher Dodd, D-Conn., and Senate Agriculture Committee Chairwoman Blanche Lincoln, D-Ark., reached an agreement that could force banks to spin off their derivatives-trading operations. The Obama administration has voiced concern that proposed rules would consolidate derivatives trading among only a handful of powerful firms. Under the proposal, banks that keep their derivatives-trading desk would be ineligible for federal aid from the Federal Reserve and the Federal Deposit Insurance Corp.

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