The Senate Banking Committee will mark up legislation overhauling the derivatives market that was crafted by Committee Chairman Chris Dodd (D-Conn.).
Dodd on Monday had unveiled the derivatives measure, one part of much broader financial legislation, as a placeholder for a bill under negotiations between Sens. Jack Reed (D-R.I.) and Judd Gregg (R-N.H.). Reed and Gregg failed to reach a bipartisan agreement this week ahead of the markup scheduled for Monday.
A spokesman for Reed said the Dodd language would be marked up instead.
"The committee will consider the Dodd language on derivatives. The door remains open to future conversations with Gregg. But Senator Reed supports the committee moving forward with the Dodd language," the spokesman said.
The Dodd language released this week is similar to language the senator offered in November. Dodd has aimed to push most derivatives transactions onto public exchanges to improve transparency.
The derivatives portion of the overhaul is one of the most heavily lobbied by banks, energy companies and other business interests that have stakes in the multitrillion-dollar market.