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'The Wall Street Transparency & Accountability Act of 2010'

Blanche Lincoln's derivatives bill is up. It's called "The Wall Street Transparency & Accountability Act of 2010," and you can get the text, the summary, and the section-by-section here. And it's good timing for Lincoln: The Goldman Sachs fraud filing that's in the news has to do with their treatment of -- yes, you guessed it -- derivatives, which is going to make this issue seem a lot more concrete for people.

By Ezra Klein  |  April 16, 2010; 3:17 PM ET
 
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Comments

Any word yet on why the Republicans have unanimous opposition to this bill? Or is that scheduled for tomorrow.

Posted by: Alexander-S | April 16, 2010 3:51 PM | Report abuse

This is going to be an odd political fight.

Few people understand exactly what a derivative is. I'd bet most politicians have no clue. It will be interesting watching the lunkheads on cable news arguing over something none of them, on either side, have the slightest understanding of.

Under most circumstances I'd say this dynamic greately favors the Republicans. They are much better at staying on message and pushing nonsensical talking points than are the Democrats.

This time though, I think the Democrats may have a leg up on the GOP. They can make the claim that, "Derivatives caused this massive financial meltdown, etc. etc." They won't be fully correct, but since so few people understand derivatives calling them on it will not be easy.

Posted by: nisleib | April 16, 2010 4:05 PM | Report abuse

Common Ezra don't be so naive to simply say 'timed nicely'. As 'Oso' says, it is all 'part of plan'. (Quiz for you - who is Oso? Since you are young and may not be dealing with kids yet, here is the answer - he is the 007 Bond based character who helps kids, Disney Channel series...).

I am speculating SEC chief was sitting on this file for months, waiting from the final clearance from White House. That is how politics work today in America.

Glad to know that these Democrats are not totally lost at the 'game' of public opinion and public pressure. News on Friday, so everybody will keep chewing this over the weekend. Will Geithner break Condi record of appearing on 4 or 5 talk shows on the same Sunday? I guess Larry Summers will as well serve on Sunday. The concern is - I suspect Goldman is probably more of GOP shop, so things will get really ugly. Buffett is shareholder too (WaPo, your owner too is Buffett).

It was nice for Obama to brandish his 'sword' of veto for the first time. So which political issue gets the honor of Obama veto threat - Derivates. Nice President, keep working for the Change you promised.

Posted by: umesh409 | April 16, 2010 4:06 PM | Report abuse

The Democrats went for the obvious strategy-- giving the bill a name that no one could possibly be against. They missed a prime opportunity to have the name form some clever acronym, though.

Posted by: constans | April 16, 2010 4:13 PM | Report abuse

And now finally, 'Gods work' is met by mundane things what Peggy Noonan calls 'information' in her latest column on Benedict.

Yes, indeed Jamie Dimon is the smartest and most dangerous person on Wall Street. He ensured that it is the rival Goldman which gets first to go under the bus....

Posted by: umesh409 | April 16, 2010 4:20 PM | Report abuse

I'm thinking acronyms - the best I can come up with is the "WAll Steet Securities Uniform Protection" Act.

Posted by: jduptonma | April 16, 2010 5:01 PM | Report abuse

How about the "Law Improving Accountability & Regulation" Act?

Posted by: madjoy | April 16, 2010 5:57 PM | Report abuse


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Posted by: PaulRevere4 | April 16, 2010 6:17 PM | Report abuse

The name of this bill is just one more sign that the whole thing is going to be jettisoned in exchange for Republican votes for the Dodd bill. Wall Street is very finicky about any insinuations that they are not transparent or accountable. They will not allow a name like this.

Posted by: bmull | April 17, 2010 12:54 AM | Report abuse

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