June 25, 2010 / 1:52 AM / in 8 years

Many House Democrats oppose swaps-dealing spin-off

WASHINGTON (Reuters) - Business-friendly U.S. House Democrats will not vote for a final financial regulation bill that includes forcing banks to spin off their swaps dealing desks into an affiliate, a lawmaker negotiating the bill said on Thursday.

Senator Blanche Lincoln, who is championing the measure to limit banks’ participation in the lucrative derivatives market, was told that the House of Representatives could not support a broad financial regulation bill if her measure was included, the negotiator told Reuters.

The House and Senate hope to merge their bills this week so they can send a final version of the regulatory overhaul to President Barack Obama to sign into law by early July.

Reporting by Charles Abbott, Kim Dixon and Rachelle Younglai; Editing by Stacey Joyce

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