Warner Predicts Changes to Financial Reform Derivative Language in Conference

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A key member of the “Senate banking panel said Friday he believes controversial language on derivatives trading could be eliminated from Wall Street reform legislation during conference,” The Hill reports.

Sen. Mark Warner (D-Va.) said that the language proposed by Senate Agriculture Committee Chairwoman Blanche Lincoln (D-Ark.) could be removed to please skeptics of the bill, including many in the administration.

"Listen, I think we’ll find a way that we can have the goal that Chairman Lincoln wants but still make sure there are no unforeseen consequences," he said on MSNBC. "That’s what part of the conference will be about."

The language, which would require that financial firms spin off their derivatives trading outlets, has drawn fire from some lawmakers and officials such as Federal Reserve Chairman Ben Bernanke and FDIC Chairwoman Sheila Bair.

(credit image – daylife/reuters)

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