Reid says derivatives bill will be included in financial regulatory reform

Legislation that would put tough controls on the over-the-counter-derivatives market will be melded with a financial regulatory reform, Senate Majority Leader Harry Reid (D-Nev.) said Tuesday. 

The derivatives measure set for mark up in the Senate Agriculture Committee on Wednesday morning will be merged on the floor, most likely as an amendment, Reid said. 

"There are many different ways it could be done, so I hope we don't have to worry about that," Reid said. "I hope we can work something out."

The Senate Banking Committee and Agriculture share jurisdiction over the bill that would crackdown on the multi-trillion dollar derivatives market. 

Bill sponsor Sen. Blanche Lincoln (D-Ark.), chairwoman of the Agriculture Committee, spent most of the day trying to sell her bill to skeptical Republicans and members of her own party who think the bill goes too far to regulate the OTC market. 

The financial reform measure sponsored by Senate Banking Chairman Chris Dodd (D-Conn.) probably won't come to the floor until late this week or early next week at Banking panel leaders attempt to hammer out an accord on the bill.