Members of the Agriculture Committee in Washington have been debating legislation addressing financial reform that will help prevent the destruction we experienced in 2008. Senator Ben Nelson is on that committee and is looking forward to seeing the finished product.
“I’m looking forward to supporting legislation ultimately that will help end bailouts, put an end to risky Wall Street behavior, and protect and empower taxpayers with with new transparency.”
Senator Nelson says today, the Ag Committee has been debating new rules for derivatives. Senator Nelson says even Warren Buffett warned shareholders about the dangers and evils of derivatives. Senator Nelson says the derivative market has exploded over the last few years and taxpayers have been footing Wall Street’s bill for those bad bets. He says legislation is needed that provides transparency in what was a very shadowed market.