Gregg: Bipartisan deal on derivatives overhaul unlikely this week

Sen. Judd Gregg (R-N.H.) on Tuesday cast doubt on reaching a bipartisan deal this week on derivatives legislation.

Gregg has been working with Sen. Jack Reed (D-R.I.) for months to overhaul the multitrillion-dollar market for financial derivatives. Many blame the industry for exacerbating the financial crisis. 

Senate Banking Committee Chairman Chris Dodd (D-Conn.) unveiled broader financial overhaul legislation on Monday and has scheduled a markup for March 22.

“It will not have my name on it if it's offered next week,” Gregg said of the derivatives measure. "I feel very strongly that this is very technical stuff. It has to be aggressively vetted with the regulators, with the dealers and with the users.”

Both Gregg and Reed said that talks are still under way.

“We've been working diligently and productively, and we're still seriously talking,” Reed said. “Hopefully we'll have a markup next week, so we'll be considering lots of issues. I don't know if we'll be considering this. My sense is, there's a lot of things we've agreed to that we could incorporate very easily into legislation.”