Grassley breaks ranks, votes for regulating derivatives

[rurallib]

http://thecaucus.blogs.nytimes.com/2010/04/21/grassley-joins-democrats-in-approving-derivatives-bill/

The Caucus - The Politics and Government blog of The New York Times
April 21, 2010, 12:13 pm
Grassley Joins Democrats in Approving Derivatives Bill
By DAVID M. HERSZENHORN
Senator Charles E. Grassley of Iowa broke ranks with his fellow Republicans on Wednesday and voted in favor of a bill to tighten regulation of derivatives.
The Senate Agriculture Committee approved the bill by a vote of 13 to 8. Mr. Grassley, who is up for re-election this year, was the only Republican to vote in favor of the measure.
The bill to tighten regulation of derivatives is a crucial component of a large effort to revamp regulation of the nation’s financial system. The Senate banking committee approved a broader bill last month on party line vote of 13 to 10, with Republicans unanimously opposed.
Senate Democratic leaders have not yet decided when to press for the first procedural vote on the overall legislation. Republicans have threatened to block the bill, but Democrats said they planned to push ahead.
The agriculture panel has jurisdiction over the Commodities Futures Trading Commission, and many derivatives are tied to commodities.
Republicans on the committee complained on Wednesday that months of efforts to develop a bipartisan bill had been upended by the committee chairwoman, Senator Blanche Lincoln of Arkansas.
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My take - Grassley is up for re-election and I suspect that some recent events have grabbed his attention. Conlin exceeding his first quarter fundraising, public spats with constituents in the state's largest papers and an editorial calling him to task may have awakened him to an Iowa that is getting pissed at his obstruction. So for a couple month's he will be Chuckster, Iowa's champion.