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Wall Street Regulations Agreement Reached

The Chairmen of the Senate Banking and Agriculture Committees say they have reached an agreement on legislation to reform Wall Street and bring transparency to the nation's financial markets.

Banking Chairman Chris Dodd, D-Conn., says that under this agreement derivatives will be moved through clearing houses, traded on exchanges, and face tough capital and margin requirements that will help stop Wall Street from gambling with the nation's financial security.

Agriculture Chairman Blanche Lincoln, D-Ark., says this is landmark reform that will bring the $600 trillion dollar derivatives market out of the dark and into the light of day, ending the days of backroom deals.

The deal came as the Senate was conducting a vote to move the previously incomplete legislation forward. That vote was 57 to 41 for stopping the legislation.