House and Senate leaders are still at an impasse over derivatives language in the financial regulatory reform bill, as conferees try to hammer out a compromise between the two versions.
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House Speaker Nancy Pelosi, in fact, met with Sen. Blanche Lincoln (D-AR) to try to dislodge Lincoln from her position on the language, to no avail. As chairman of the Agriculture Committee, Lincoln wrote the derivatives language, including a provisions that would require banks to spin off their derivatives trading operations. The swap desks provision, as it's called, is unpopular among Democrats and banks.