S 3217. (Overhaul of financial regulations) Chambliss of Georgia amendment that would create more regulation for certain types of financial transactions instead of disallowing them altogether/On agreeing to the amendment
senate Roll Call 144
May 12, 2010
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This vote was on an amendment by Saxby Chambliss, R-Ga., that would have instituted stronger regulations on certain types of derivatives, replacing language that would simply get rid of those types of financial instruments. The amendment was offered to a bill that aims to close gaps in financial regulations, strengthen oversight of consumer lending and more closely oversee financial derivatives. Derivatives are, in essence, very complex financial contracts that businesses use as a hedge against large changes in the price of some commodities such as gasoline, but that have also become popular with speculators looking to gamble on big profits. Speculation in derivatives, relatively unhampered by regulation, is often blamed for partially contributing to the financial meltdown in 2008. |
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