Regional lenders join lawmakers in opposing Lincoln measure

06/17/2010 | Bloomberg

U.S. Bancorp, Fifth Third Bancorp, KeyCorp, SunTrust Banks, Regions Financial, BB&T and PNC Financial Services Group joined lawmakers who are against Sen. Blanche Lincoln's provision that would ban commercial banks from running swaps-trading desks. "Forcing banks to spin off derivatives businesses will result in derivatives contracts migrating away from federally regulated banks and into companies such as hedge funds and foreign banks where there is no oversight or regulation by regulators," the bankers wrote in a joint letter.

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