Sen. Saxby Chambliss (R-Ga.) said Tuesday he could not support a new derivatives plan pitched by Senate Agriculture Chairwoman Blanche Lincoln (D-Ark.).
Chambliss, ranking member on the panel, charged the White House with interfering in bipartisan negotiations on the panel. Lincoln, in a letter to senators on Tuesday, vowed to get tough on the industry, which is dominated by major Wall Street banks. She included a "narrow exemption" for commercial users, but said it would be "surgical" in scope. Lincoln wants to require any "systemically important" firm to fall under the derivatives bill , not just dealers.
Chambliss said he opposes the plan.
"Chambliss was hopeful to get a bipartisan agreement, but clearly the administration's politics have gotten in the way of meaningful reform. Sen. Chambliss cannot support this new proposal," said Erin Hamm, in a statement.