Democrats could compromise on swaps: report
NEW YORK (Reuters) -Democratic Senators Chris Dodd and Blanche Lincoln said there was room to negotiate on a proposal that would force banks to spin off their swaps businesses, the Financial Times reported on Sunday.
Lincoln, chairman of the Senate Agriculture Committee, said she defended the policy, but was open to better ideas and suggestions.
Senator Dodd, chairman of the Senate Banking Committee, also said there was room for movement, although he added that not all of the complaints about the proposal were legitimate.
The broad-based financial reform being debated in the Senate includes a provision added by Lincoln that calls for banks to separate their swaps-trading desks from their core businesses.
Republicans have strongly opposed the measure.
On Thursday, Federal Reserve Chairman Ben Bernanke sent a letter to senators expressing concern that the provision would weaken the country's financial stability.
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