Sen Corker: bar on bank swap desks will be dropped

WASHINGTON, May 4 (BestGrowthStock) – An influential U.S.
Republican lawmaker said on Tuesday he expects a proposal to
require banks to spin off their swap-trading desks will be
dropped from Wall Street reform legislation in the Senate.

“One way or another it will go away,” Republican Senator
Bob Corker told reporters on Tuesday in a Capitol hallway.

“I know Treasury doesn’t support it. I know the FDIC
doesn’t support it. I don’t think the Obama administration wants to support it,” Corker said. “It needs to be fixed …
It shouldn’t have come out of committee.”

Federal Deposit Insurance Corp Chairman Sheila Bair over
the weekend criticized the proposal, which was added last week
to broad financial reform legislation following its approval by
the Senate Agriculture Committee.
Investment Analysis

(Reporting by Kevin Drawbaugh)

Sen Corker: bar on bank swap desks will be dropped