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Lincoln Introduces Wall Street Bill

Legislation will close loopholes and prevent future bailouts.

Compiled by staff

Published: Apr 19, 2010

Senate Ag Committee Chairman Blanche Lincoln, D-Ark., has introduced "The Wall Street Transparency and Accountability Act." Lincoln says this legislation will bring 100% transparency to the nation's financial markets, prevent future bailouts and protect jobs on Main Street. Lincoln's legislation includes mandatory clearing and trading requirements; real-time reporting of derivatives trades and ensures that all loopholes are closed. It also prohibits the Federal Reserve and FDIC from providing any federal funds to bail out Wall Street firms who engage in risky derivative deals.

Lincoln says that the days of backroom Wall Street deals are over. Banks engaging in risky swaps transactions will be forced to spin off their swap dealer desks or be barred from receiving any federal assistance. Lincoln says her proposal puts an end to too big to fail and prevents future Wall Street bailouts. Financial institutions will have to decide if they want to be banks or if they want to engage in the risky financial trading that caused the collapse of firms such as AIG.

Senator Lincoln pointed to the Securities and Exchange Commission's announced charges against Goldman Sachs. She said this is another example of how risky Wall Street behavior puts our nation's financial system in peril and further illustrates the need for the strong reform that this legislation provides.

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Lincoln Introduces Wall Street Bill

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