Report: Reed and Gregg Close on Derivatives Deal

Washington publication The Hill is reporting that Senator Jack Reed, a Rhode Island Democrat, and Senator Judd Gregg, a New Hampshire Republican, are close to an agreement on derivatives reform - a key part of the larger financial overhaul push dominating national politics at the moment:

Sen. Judd Gregg (R-N.H.) said Monday that he "basically" has an agreement on derivatives language with Sen. Jack Reed (D-R.I.) to be included in the financial regulatory bill.

Both senators are members of the Banking Committee, and should they reach an agreement, it could represent a step forward for the financial bill, which faced a setback earlier Monday.

"We have almost an agreement on derivatives. Derivatives are a huge, complex issue," he said on Fox News. "Senator Jack Reed and I have been working six months to come up with language to address this and we think we basically have an agreement."

After meeting with Treasury Secretary Timothy Geithner Tuesday, centrist Sen. Susan Collins (R-Maine) said she could not vote to move the bill forward, leaving Democrats without the 60th vote they need to begin debate on the measure.

The GOP is taking a significant political risk in opposing financial reform, given the level of public scorn directed at Wall Street. But the party seems to be winning the larger public relations war over the reach of government. The public, according to recent research from Pew, has a deep mistrust of government at the moment. 


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