Progress Made As Senate Committee Passes Derivatives Reform Bill

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A proposal aiming to impose regulations on Wall Street’s complex derivatives system was approved by a Senate committee today, in hopes it will help to protect the economy from future collapses and taxpayers from the possibility of further bailouts. The bill passed by a 13–8 vote of the Senate Agriculture Committee (Iowa Senator Chuck Grassley was the sole Republican to vote with the Democrats in support of the proposal), and will now likely be merged with the financial regulations reform bill that will be debated by the full chamber. [CNN]