http://thehill.com/homenews/senate/106881-dodd-lincoln-ease-worries-on-buffett-wall-street-provision
I'm wondering if Senator Dodd has placed a guarantee in writing that the American taxpayer will not be held responsible for the financial responsibilities of any past written derivative contracts should they malfunction.
Democrats have taken steps to ease concerns raised by Warren Buffett about Wall Street reform’s impact on trillions of dollars in existing derivatives as legislation nears the finish line.
On Wednesday, the day the House passed the overhaul legislation, key Senate Democrats wrote a four-page letter clarifying the legislation’s impact on the $600 trillion derivatives market that many blame for exacerbating the financial crisis.
Senate Banking Committee Chairman Chris Dodd (D-Conn.) and Agriculture Committee Chairwoman Blanche Lincoln (D-Ark.) wrote that potential new capital and margin regulations meant to offset risk in some trades should not apply retroactively to existing derivatives.
