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This is very welcome:

President Barack Obama says he'll veto a financial overhaul bill that doesn't regulate the derivatives market.

These are the strongest words yet from President Obama on passing a strong financial regulatory bill.

Maybe this bill will have teeth after all:

Obama says he wants derivatives to be strongly regulated, and he pledged Friday he's ready to veto legislation without it.

This story is breaking, and there's not a lot out there on it just yet. David Kurtz at Talking Points Memo has just teased the story, and has promised more on it soon.

I will add more updates as they come in. This is good news indeed.

TPM has added a bit more flesh to it:

Before meeting with his economic advisers today, President Obama told reporters he'd veto any financial regulatory reform bill that doesn't "bring the derivatives market under control."

"We can't allow history to repeat itself," he said.

In related news, Blanche Lincoln has unveiled her own proposal:

Chairman Blanche Lincoln on Friday unveiled the Senate Agriculture Committee's draft bill to regulate the $450 trillion over-the-counter derivatives market, taking a tougher tack against big banks than the Senate Banking Committee or House bills on the issue.

I noted in a diary a few days ago that Lincoln is likely motivated by her primary challenge, and commenters added that we should approach her proposal with caution.

Still, it's interesting to see Democrats practically tripping over each other to see who can come up with the toughest proposal.


And for added transparency, you can watch a live stream of Obama's meeting with his financial team here.

The meeting has now concluded.

Originally posted to MeMeMeMeMe on Fri Apr 16, 2010 at 11:08 AM PDT.

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