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(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.
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