Finance Reform Moves to Senate Agriculture

by jhwygirl

Was just doing some checking on where finance reform is, given that it was just about 2 weeks ago when the Senate Finance committee voted to move the thing forward. Come to find that Senate Agriculture has been tasked with hammering out something on derivatives, given it reached a bit of an impasse in Senate Banking & Finance.

What’s Agriculture have to do with finance reform? Derivatives. Futures. Agriculture has a long history of dealing with these things – I’ve said before around here that if we can darn well regulate pork futures, we can darn well regulate banking – so it does make sense

As a very brief history on (let’s say) pork futures, the U.S. started regulated these commodities (their future market) back after the Great Depression. Lawmakers realized that food was a basic necessary element of our nation – our security – and it was determined that stability was needed in the food sector to keep America safe. Stable. Economically viable.

Makes sense, right?

Who’s in Senate Agriculture? It’s Chaired by Sen. Blanche Lincoln, with Sen. Saxby Chambliss as Ranking Member.

I’ll let ya’all deduct your own meaning from that.

Who else is in Senate Agriculture? Why our very own Senator Max Baucus.

And..just a guess here, but it looks like the derivative issue might just settle into the Subcommittee on Production, Income Protection and Price Support. Who’s on that? Senator Max Baucus.

Do NOT delay contacting Sen. Baucus immediately to tell him that you support finance reform. Let him know that effective regulation of derivatives is key to real finance reform.

This stuff just moved over to Senate Ag on Friday. It doesn’t appear that the website has anything up yet for information on its assigned task.

Sen. Jon Tester has stood very strong, up front, in the Senate Banking & Finance, even going on the attack against lobbyist that are trying to kill reform.

Let Baucus know you expect the same.

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