TPM brings us some good news:
A far-reaching proposal to regulate derivative trading will not be scaled back in Wall Street reform legislation, at least for now, multiple Senate aides confirm. The development comes as welcome news to an unusual mix of progressives, financial officials, and at least one conservative Democrat: Sen. Blanche Lincoln (D-AR).
[...] Dodd proposed kicking the spin-off provision down the road for two years pending review by federal regulators, many of whom are already unfavorably disposed to it.
Progressives who support tougher oversight opposed that.
As for conservaDem Blanche Lincoln, she’s now facing a run-off against a much more progressive Bill Halter.See what a few thousand determined voters can do?
But that would still buy Lincoln time (her runoff is on June 8 ) and would force top Democrats to explain why they scrapped the tough-on-Wall-Street plan behind closed doors.
Before the primary, there was criticism of Lincoln for putting forth a progressive piece of legislation. As I already mentioned, she didn’t win or lose the primary, and there will be a run-off in three weeks. So, for the next few weeks, she will still push for this legislation. As Thom Hartmann just said on his radio show, she is an unlikely hero.
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