Lincoln key in money fight | Arkansas Blog

Tuesday, April 20, 2010

Lincoln key in money fight

Posted By on Tue, Apr 20, 2010 at 6:16 AM

More inspection here from the New York Times of Sen. Blanche Lincoln's key role in debates on regulating Wall Street's use of derivative investments. Noted: her significant contributions from the industry and also a tough component regulating them in her pending legislation.

On Friday, Mrs. Lincoln introduced a derivatives bill that seemed intended to show that she could be hard-nosed with Wall Street yet accommodating to Arkansas constituents, ranging from Wal-Mart to small community banks, which have a big interest in the derivative fight.

Small-town bankers in Arkansas and elsewhere want to regulate derivative speculation because they believe widespread betting on home mortgages led to bank failures and pushed up the cost of federal deposit insurance for all banks.

UPDATE: The New Republic offers a behind-the-scenes look at how Lincoln came to sponsor legislation tougher than Wall Streeters expected.

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