The massive 1,400-page financial regulation bill got a last-minute amendment today from Sen. Chris Dodd, the chairman of the Senate banking committee.
According to the WaPo, “Dodd offered a clever Washington solution aimed to appease both friends and foes of the provision. His amendment preserves the tough language [that could force a handful of the nation’s biggest banks to spin off their billion-dollar businesses in trading derivatives] — but it postpones any action for two years so it can be studied. And it assigns that study to a new council of regulators, headed by Treasury Secretary Timothy F. Geithner, whose members have serious reservations about such a dramatic measure and may very well kill it in the end.
Voila. Language saved, action averted. Move on.”