WASHINGTON — Senate Banking Committee Chairman Chris Dodd on Wednesday endorsed a proposal to force banks to spin off their derivatives desks, saying Sen. Blanche Lincoln's primary win this week had increased odds some form of it would be in the final regulatory reform bill.
Lincoln, who chairs the Senate Agriculture Committee, has been fighting an uphill battle to protect her provision, which regulators have said would increase risk to the system by forcing derivatives units offshore where they could not be monitored. Most observers had expected the provision would be dropped once Lincoln's primary was over. (Lincoln bested an opponent late Tuesday in a closely fought contest.)
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