Lincoln Statement: Senate Clears Hurdle to Historic Wall Street Reform

Statement

U.S. Senator Blanche Lincoln, D-Ark., Chairman of the U.S. Senate Agriculture, Nutrition and Forestry Committee today made the following statement after the U.S. Senate voted to end debate and move forward on Wall Street reform legislation. The Restoring American Financial Stability Act of 2010 includes the strong derivatives reforms authored by Lincoln.

"Today's vote is a significant step to bringing real reform to our nation's financial markets, giving the American people the transparency and accountability they deserve. As Chairman of the Senate Agriculture Committee, I successfully fought for strong reforms that will bring a $600 trillion unregulated market out of the dark and into the light of day, ending the days of backroom deals on Wall Street and putting this money on Main Street where it belongs. These reforms will keep banks in the business of banking, close loopholes and require mandatory clearing and trading and real-time reporting of derivatives trades.

"Wall Street lobbyists, special-interest groups and others have attempted to water-down these tough reforms. I have successfully fought these attempts and today Arkansans and all Americans are one step closer to having a financial system that works for Main Street, not just Wall Street. As this bill moves forward, I will continue to advocate for these strong reforms and vigorously oppose any efforts to weaken this legislation."

Source