43 House centrists oppose Lincoln provision

A group of 43 centrist House Democrats urged lawmakers against a controversial Wall Street overhaul provision restricting banks' derivatives trading.

The provision, championed by Senate Agriculture Committee Chairwoman Blanche Lincoln (D-Ark.), is among the most controversial issues remaining in the bill, which lawmakers are finalizing this month. 

The provision would bar banks that receive federal assistance from also trading derivatives. The provision would be phased in over two years and also allow bank holding companies to own swaps desks but only as separately capitalized entities.

The 43 members are part of the 69-member New Democrat Coalition. They argue the provision would increase risk in the financial system and push the multitrillion-dollar market to less regulated entities.

Democrats signing the letter are: Melissa Bean (Ill.), Joseph Crowley (N.Y.), Allyson Schwartz (Pa.), Ron Kind (Wis.), Adam Smith (Wash.), Scott Murphy (N.Y.), Mike McMahon (N.Y.), Jim Himes (Conn.), Artur Davis (Ala.), Jason Altmire (Pa.), Michael Arcuri (N.Y.), Brian Baird (Wash.), Russ Carnahan (Mo.), Chris Carney (Pa.), Andre Carson (Ind.), Gerald Connolly (Va.), Diana DeGette (Colo.), Steve Driehaus (Ohio), Eliot Engel (N.Y.), Bob Etheridge (N.C.), Bill Foster (Ill.), Gabrielle Giffords (Ariz.), Charles Gonzalez (Texas), Debbie Halvorson (Ill.), Jane Harman (Calif.), Jay Inslee (Wash.), Steve Israel (N.Y.), Ron Klein (Fla.), Suzanne Kosmas (Fla.), Frank Kratovil (Md.), Rick Larsen (Wash.), Dan Maffei (N.Y.), Carolyn McCarthy (N.Y.), Kendrick Meek (Fla.), Jim Moran (Va.), Ed Perlmutter (Colo.), Jared Polis (Colo.), Laura Richardson (Calif.), Loretta Sanchez (Calif.), David Scott (Ga.), Joe Sestak (Pa.), Debbie Wasserman Schultz (Fla.) and David Wu (Ore.).