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Both Geithner and Frank initially signed off on a derivatives bill that was shot through with loopholes.
With the House scheduled to vote on the derivatives bill on Wednesday, the lobbying campaign has heated up once again.
Senator Maria Cantwell, Democrat of Washington, who invited the businessmen to Capitol Hill, said she strongly supported the derivatives bill to be debated by the Agriculture Committee.
The derivatives bill, which is expected to be folded into the sweeping overhaul of the nation's banking system, would also require most derivatives trades to be routed through a third party, known as a clearing agent.
Senator Saxby Chambliss of Georgia, the senior Republican on the Agriculture Committee, said the sides agreed on 90 percent of the derivatives bill and that Democrats had agreed to help close the gap.
The derivatives bill and President Obama's comments came on the same day that the Securities and Exchange Commission charged Goldman Sachs with civil fraud over a derivatives product that it sold to customers but which the S.E.C. said was structured to fail.
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Still, of the five derivatives bills under consideration, she voted in favor of two.
According to MapLight: "On average, House agriculture committee members voting for HR 992 [one of the derivatives bills] have received 7.8 times as much money from the top four banks as House agriculture committee members voting against the bill".
Many of the supporters of the latest derivatives bills are longtime anti-regulation Republicans, including Reps.
The House Agriculture Committee will mark up several derivatives bills on Wednesday despite opposition from a coalition of public interest and consumer advocacy groups known as Americans for Financial Reform.
Moore's staff says she is only interested in the technical merits of her derivatives bills, and Moore herself bristles at the suggestion that she's undermining Wall Street reform.
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