By Vicki Needham - 05/13/10 01:34 AM EDT
The current bill's language isn't clear or strong enough and could eliminate much-needed exemptions that could create higher costs, Coleman said in the statement.
The Chambliss-Shelby substitute would have weakened the language, Senate Agriculture Chairman Blanche Lincoln (D-Ark.) said in a statement late Wednesday. Her measure would bring "100 percent transparency to the nation's financial markets, get banks back to the business of banking and keep jobs on Main Street," she said.
Manufacturers use the OTC derivatives market to manage the cost of borrowing and other risks of operating businesses such as interest rates and commodity prices, according to NAM.
"These risk management tools help businesses keep operations going, invest in new technologies, build new plants and retain and expand workforces, especially in a challenging economy," the NAM statement said.
"We will continue to work with Congress to address these issues."