Senate panel OKs bank swap ban in overhaul effort

Senate panel OKs bank swap ban in overhaul effort

www.reuters.com

(Reuters) - A Senate panel on Wednesday voted to ban banks from the lucrative swaps market, one of the strictest measures in a planned financial reform that is heading into the home stretch.

Barack Obama

One Republican joined Democrats on the Senate Agriculture Committee to advance a measure that would introduce oversight to the unregulated $450 trillion derivatives market, the source of the worst financial turmoil in 70 years.

"If banks want to be banks, they can remain banks, but they're going to need to spin off that activity," committee chair Blanche Lincoln said after the vote

(visit the link for the full news article)

When things like this happen it confuses me. This seems like a step in the right direction. Are they just doing this because they have to, now that the taxpayers are on to their scam, or do they really care? I feel like this goes against everything they have been trying to do. This should have been done years ago. They never should have repealed the glass-steagal act.

www.reuters.com
(visit the link for the full news article)