CORRECTED – W.House-Lincoln plan strong, corresponds with Dodd’s

(Corrects to clarify degree of endorsement of Lincoln
proposal in headline, first and second paragraphs)

(Adds background, further comment.)

WASHINGTON, May 20 (BestGrowthStock) – A proposal from Senator
Blanche Lincoln to force banks to separate swap trading desks
is a strong proposal that corresponds largely with a proposal
in Senator Christopher Dodd’s original bill, a White House
official said on Thursday.

“We are confident that the senators will come to the best
resolution for the American people,” the official said.

“If the Senate bill passes, we also expect there to be a
conference where the difference in the House and Senate bills
are worked out,” the official said.

U.S. Senate Democrats hunted for votes on Thursday needed
to advance the biggest overhaul of financial regulation since
the 1930s, a top policy priority of President Barack Obama that
is expected to win final passage within days.

The official was asked whether the White House thinks the
final version of the financial regulatory reform bill that goes
to Obama should allow banks to continue to trade swaps.

“What is important here is that there is strong oversight
of the derivatives market so these complicated financial
instruments are brought out of the shadows,” the official
said.

Stock Market Report

(Reporting by Patricia Zengerle, Editing by Sandra Maler and
Frances Kerry)

CORRECTED – W.House-Lincoln plan strong, corresponds with Dodd’s