No Safe Harbor Reform, Yet

As some of you know, I've been working with Senator Bill Nelson and his staff on an amendment to the financial reform bill that would have rolled back the special treatment of derivatives under the Bankruptcy Code. Unfortunately, with today's cloture vote, it does not look like the amendment will get a floor vote. While the amendment was backed by many, including the chair of the judiciary committee and eventually the agriculture committee, Treasury and FDIC never got on board. The gulf between banking and bankruptcy persists.