U.S. Sen. Maria Cantwell has announced her support for the final version of the financial regulatory reform bill, despite concerns that the legislation still did not go quite far enough, after tough new regulations on derivatives were added in conference.
“I will vote in support of the conference report because it makes great strides toward our ultimate goal: bringing all standard derivatives onto exchanges and clearinghouses, with aggregate position limits and strong anti-manipulation tools…”
Get that? I sure don’t. And that’s one of the things I love about Sen. Cantwell: she’s a wonk’s wonk, and she’s not afraid to flaunt it. Isn’t it comforting to know that there’s at least one person in the Senate who apparently understands the financial legislation they’re writing?
Anyway, Cantwell’s announcement is kinda big news, as up until now she had been one of the Democratic holdouts. “This legislation is not perfect,” Cantwell admits, and she promises to continue pushing for “bolder actions.” But now that she got much of what she wanted on derivatives regulations, she’s fully on board.