LIFE - Yankton Press & Dakotantearsheets.yankton.net/april10/042710/ypd_042710_main_005.pdf · the...
1
ready to go with zero deficit, no increased tax, no spending on the reserves budget, both before and after our final negotiations with the governor.” Knudson said the administra- tion could put more focus on projects, as well — especially road maintenance. “The governor has sent out his secretary of transportation to tell us our roads are going to heck, that the revenues are decreasing because there are fewer gallons of gas being sold … and then he doesn’t come with any proposal to give them more resources, both at the state and local level,” Knudson said. “To me, that is just not leadership.” He said roadwork could be accomplished through a slight increase of gas taxes and license plate fees. “I’m the only candidate that’s willing to ’fess up on that,” he said. “I think the public would rather pay four cents a gallon more and have good roads than have bad roads. Today, gas prices fluctuate at least a dime from the first of the month to the 30th of the month.” Knudson said the most important issues of the upcom- ing election may be economic. He said the state’s current stand- ing could be improved by reor- ganizing the Department of Tourism and State Development, and he has submitted a bill (SB140) to do just that. “I think that what we have is a very inefficient department that has economic development, tourism, tribal affairs, cultural affairs, division of the arts, the archeology center all jumbled together,” he said. “I think we would be much better served with a stand-alone, laser-focused economic development office, a stand-alone tourism depart- ment.” Knudson said the state’s eco- nomic development could also be bolstered with $36 million in Medicaid assistance that would free up $36 million in state money, which would then be used for development. He said visiting with economic develop- ment offices and businesses could help to decide how the money could best be spent. “In the end, your jobs really come from existing small busi- nesses that are expanding a little bit,” he said. “I think that’s very incremental. You just have to work with the local folks and find out who’s thinking about expanding.” The other South Dakota gubernatorial candidates are Republicans Dennis Daugaard, Gordon Howie, Ken Knuppe and Scott Munsterman, and Democrat Scott Heidepriem. BY TOM AND RAY MAGLIOZZI Dear Tom and Ray: There is a teacher in our community who regularly can be found pouring buckets of cool water over his vehicle before starting it on warm days. His claim is that the water cuts down on the time needed for the air conditioner to lower the temperature in his car to a comfortable level. Is there any truth to this claim? He drives a full-size car from the ’90s era. I would think that the time and water needed to cool the car significantly would negate the environmental and fiscal advantages of this unorthodox practice. What do you think? If this is a good idea, the local hardware store will need to stock up on buckets. -- J.D. TOM: I don’t think the country has to worry about a bucket shortage, J.D. RAY: Does the cool water do anything? Yes. The metal roof and doors of the car do absorb heat. And if you cool them off, you will reduce the amount of heat they transfer into the passenger compartment. TOM: But as you say, J.D., the amount of water you’d need to make a significant differ- ence would be absurd. You’d really need a garden hose, and you’d need to play it on the car for several minutes to have any effect at all. And in many parts of the coun- try, we can’t afford to waste water by pour- ing it over our cars. RAY: Besides, in that amount of time, or less, you could open the windows, turn on the fan or the AC, or -- even more effective -- just start moving with the windows open, and create just as much heat reduction, or more. TOM: Here are some even better, and more environmentally friendly, ideas to help the air conditioner cool your car more quick- ly in the summer. You can share these with your teacher friend: RAY: Use a sunshade. Or two. A card- board or microfiber sunshade in back of the windshield will keep the sun’s rays from beaming right into your passenger compart- ment. Side benefit: You won’t sear the shift pattern into your palm when you go to put the car in gear. TOM: Better yet, use a sunscreen on the rear window, too. That window often is even more steeply raked than the front wind- shield, and can let even more heat in. RAY: You also can install rain guards on your windows. Those are little metal awnings that allow you to leave your windows open an inch or two to let hot air out without wor- rying about letting rain in. TOM: And the easiest and most effective solution of all: Park in the shade. Got a question about cars? Write to Click and Clack in care of this newspaper, or e-mail them by visiting the Car Talk Web site at www.cartalk.com. © 2010, King Features Syndicate, Inc. A Unique, If Misguided, Attempt To Cool A Car CLICK & CLACK BY TED KOOSER U.S. Poet Laureate Tell a whiny child that she sounds like a broken record, and she’s likely to say, “What’s a record?” Jeff Daniel Marion, a Tennessee poet, tells us not only what 78 rpm records were, but what they meant to the people who played them, and to those who remember the people who played them. 78 RPM In the back of the junkhouse stacked on a cardtable covered by a ragged bedspread, they rest, black platters whose music once crackled, hissed with a static like shuffling feet, fox trot or two-step, the slow dance of the needle riding its merry-go-round, my mother’s head nestled on my father’s shoulder as they turned, lost in the sway of sounds, summer nights and faraway places, the syncopation of time waltzing them to a world they never dreamed, dance of then to the dust of now. American Life in Poetry is made possible by The Poetry Foundation, publisher of Poetry magazine. It is also supported by the Department of English at the University of Nebraska-Lincoln. Poem copyright ©2009 by Jeff Daniel Marion. Reprinted from his most recent book of poems, Father, Wind Publications, 2009, by permission of Jeff Daniel Marion and the publisher. The introduction's author, Ted Kooser, served as United States Poet Laureate Consultant in Poetry to the Library of Congress from 2004- 2006. We do not accept unsolicited manuscripts. AMERICAN LIFE IN POETRY: ‘You Sound Like A Broken Record’ Loses Its Meaning www.yankton.net PAGE 5 Yankton Daily Press & Dakotan ■ LIFE ■ Tuesday,April 27, 2010 A night of fun and entertainment, with dinner and shopping! Advance Tickets: Only $ 15 Available at Hy-Vee & The Press & Dakotan until April 27 Come and enjoy this year’s speaker Paula Damon “Celebr ating T he Chapters of Our Lives” pr esented by... Dinner includes Teriyaki Chicken Breast,Wild Rice, Green Beans Almondine, Dinner Roll, Dessert, Coffee or Lemonade 6 th Annual Riverfront Event Center , Historic Downtown Y ankton T hursda y , April 29, 2010 Doors Open 4:30pm Dinner Served 5:00-6:30pm Booths Open 4:30-7:00pm Speak er 7:00pm Last Day F or Tickets Card Shower The Family of Mr. & Mrs. Allen Bonertz will be celebrating their 50th Wedding Anniversary on April 30th, 2010 Cards can be sent to 55706 894 Rd. Fordyce, NE 68736 40 th Anniversary OpenHouse honoring Jack & Jan Lassen Sunday, May 2, 2010 2:00 to 4:00 PM American Legion Hall, Wagner, SD Send greetings to: Jack & Jan Lassen, P.O. Box 188, Pickstown, SD 57367; No Gifts, Please Aah...Clean Carpet! $ 75 95 Any Two Rooms Up To 300 Sq. Ft. Not good with any other offer. Must present coupon. Coupon expires 4/30/10. 665-5700 1-800-529-2450 LIFE/REGION DIGEST Gavins Point Road Closure Moved To Tuesday Due to weather concerns, the Gavins Point Dam Crest Road closure scheduled for Monday has been moved to 8 a.m.-4 p.m. today (Tuesday). The scheduledroad closure for Wednesday, April 28, is also cancelled. Student-Directed Plays To Be Performed Students of the STH 361-Play Directing class at Mount Marty College will be presenting their final projects on Wednesday, April 28. The three short plays include: • “Funeral Parlor” by Christopher Durang, directed by Mitchell Zenk; • “While the Auto Waits” by Walter Wykes, directed by Stephanie Stech; • and “The Hardy Boys and the Mystery of Where Babies Come From” by Christopher Durang, directed by Aaron Steward. The shows will begin at 7 p.m. and 9 p.m. and be held in the Bistro, located in Bede Hall on the first floor. The plays are free and open to the public. (The Bistro is not wheel- chair accessible and the entrance to the Bistro includes stairs.) Another ‘Purse Party’ April 29 In Crofton CROFTON, Neb. — The Eastern Township Library of Crofton, Neb., will be hosting another “Purse Party” on Thursday, April 29, running from 3-7 p.m. The fundraiser will be held at the Crofton City Auditorium, with items for sale on a cash and carry basis with proceeds going toward the library. Purses, jewelry, wallets, and handbags in all shapes, colors and sizes will be offered. Door prizes along with refreshments will be available. Everyone is invited. ‘Dining For Disaster’ Event Throughout Week “Dining for Disaster” is a fundraising event for the Yankton County American Red Cross. Restaurants in the area have agreed to donate a portion of their sales for a day to the Yankton Red Cross for disaster relief. The event coincides with Severe Weather Awareness Week, April 26-30. The following restaurants are participating in this benefit event: 81 Seafood Chophouse, Arby’s, Burger King (ask for coupon), Godfather’s Pizza, Hy-Vee Kitchen, McDonald’s, Mexico Viejo, Minerva’s Grill & Bar, Murdo’s, Pizza Ranch, Quizno’s, Starbuck’s, Waterfront Gourmet Grill and Yesterday’s Cafe. The Yankton County American Red Cross Facebook page will carry an updated listing of participating restaurants. Class Of 1970 Info Sought For Reunion The Yankton High School Class of 1970 is planning a 40th class reunion that will be held Aug. 20-21 during Riverboat Days. Some classmates cannot be located. If you have information on any- one included in the following list of people, contact Carol (Cookie) Mattern at (214) 906-7892, or e-mail [email protected]. Susan Flint Cremer can also be contacted at [email protected]. The following individuals cannot be located: Dave Basnett, Bonnie Biesman, Larry Biesman, Dan Corr, Rick Cuka, Dennis Dobesh, Doug Dobesh, Karla Fiedler, Matt Fitzgerald, Jennifer Griffith Heineman, Chuck Gust, Scott Haffner, Sue Hagberg, Tim Hunt, Laura Ingraham, Palmer Iverson, Joe Kleinschmit, Dave Knau, Cindy Kuchta, Carolyn Law, Mike Law, Dan McLaughlin, Tim Miller, Helen Negge, Jim Nelson, Joe Nelson, Nancy Nelson, Kathy Nielson Polifka, Dave Nilson, Jerry Rohrig, Larry Schulte, Mike Smith, Jim Stengle, Larry Stogsdill, Kathy Yonke Osborn and Fred Zephier. ■ Get Updates At Yankton Online (www.yankton.net) YOUR NEWS! The Press & Dakotan VOTE From Page 1 consideration in an election year. The House has already passed its version of new bank regulations. Following the vote, the presi- dent said he was “deeply disap- pointed” and urged Senators to put the interests of the country ahead of party. “Some of these senators may believe that this obstruction is a good political strategy, and oth- ers may see delay as an opportu- nity to take this debate behind closed doors, where financial industry lobbyists can water down reform or kill it altogeth- er,” Obama said in a statement. “But the American people can’t afford that.” In a statement, Nelson, a con- servative Nebraska Democrat, said his vote reflected concerns about the bill raised by Nebraska businessmen. Nelson and Sen. Chris Dodd, D-Conn., the chairman of the Banking Committee, huddled before the vote discussing the elimination of a provision supported by Nebraska billionaire investor Warren Buffett to exempt exist- ing derivatives from new regula- tions. The legislation would require derivatives, previously unregu- lated exotic securities, to be traded in open exchanges and cleared through a third party that would guarantee the instru- ments. A legislative agreement struck Monday would exempt existing derivatives from the clearing requirements but would still demand collateral for those trades. “I was prepared to grandfather existing derivatives that have not been cleared, but I can’t say you can’t have margin requirements,” Dodd said, explaining his discus- sion with Nelson. Both the House and Senate bills, aimed at heading off any recurrence of the near collapse of the financial system in 2008, would create a mechanism for liq- uidating large firms that get into trouble, set up a council to detect systemwide financial threats and establish a consumer protection agency to police lending. The leg- islation also would require invest- ment derivatives, blamed for helping precipitate the near-melt- down, to be traded in open exchanges. Senate Republicans have been solidly opposed to the legislation so far, but Democrats are deter- mined to force them to block the bill time and again until their unity cracks. “I don’t think it’s a tenable political position for the Republicans to be in,” White House spokesman Robert Gibbs said. And Reid mocked the Republicans’ cohesion. “As far as I can tell, the only thing Republicans stand for is standing together,” he said. In a move designed to create more Republican discomfort, Reid kept the Senate in session after the vote and forced a vote instructing the sergeant-at-arms to demand the presence of absent senators. Richard Shelby, the top Republican on the Banking Committee, said Monday before the vote, “Most Republicans want a bill, but they want a substantive bill.” The Alabama senator has been negotiating with Dodd. Shelby aides said he wants to tighten language that he believes would give the Federal Reserve and the Federal Deposit Insurance Corp. too much flexibil- ity to assist large banks and their creditors. Shelby also wants to restrict the rule-writing powers that Dodd would give a consumer financial protection bureau within the Federal Reserve. Shelby aides have been writ- ing an alternative to Dodd’s leg- islation in the event negotiations fail. Shelby, emerging from a meet- ing with Dodd, said they planned to meet again, with their respec- tive aides, to hammer out some areas of agreement. The U.S. Chamber of Commerce, which has been lead- ing a lobbying effort against the legislation, sent senators a letter Monday urging them to vote against Democratic efforts to move on the bill. Polls show the public increas- ingly eager to slap restrictions on financial institutions. Moreover, a lawsuit by the Securities and Exchange Commission accusing Goldman Sachs of fraud has gotten atten- tion at this critical time. To drive that point home, a Senate investigative subcommit- tee plans a hearing Tuesday on the role of investment banks in the financial crisis. Scheduled witnesses include Goldman chairman and chief executive Lloyd Blankfein and Fabrice Tourre, the Goldman Sachs trad- er at the center of the SEC charges. REFORM From Page 1 www.yankton.net
Transcript of LIFE - Yankton Press & Dakotantearsheets.yankton.net/april10/042710/ypd_042710_main_005.pdf · the...
ready to go with zero deficit, noincreased tax, no spending onthe reserves budget, both beforeand after our final negotiationswith the governor.”
Knudson said the administra-tion could put more focus onprojects, as well — especiallyroad maintenance.
“The governor has sent outhis secretary of transportationto tell us our roads are going toheck, that the revenues aredecreasing because there arefewer gallons of gas being sold… and then he doesn’t comewith any proposal to give themmore resources, both at thestate and local level,” Knudsonsaid. “To me, that is just notleadership.”
He said roadwork could beaccomplished through a slightincrease of gas taxes and licenseplate fees.
“I’m the only candidate that’swilling to ’fess up on that,” hesaid. “I think the public wouldrather pay four cents a gallonmore and have good roads thanhave bad roads. Today, gas
prices fluctuate at least a dimefrom the first of the month tothe 30th of the month.”
Knudson said the mostimportant issues of the upcom-ing election may be economic.He said the state’s current stand-ing could be improved by reor-ganizing the Department ofTourism and State Development,and he has submitted a bill(SB140) to do just that.
“I think that what we have isa very inefficient departmentthat has economic development,tourism, tribal affairs, culturalaffairs, division of the arts, thearcheology center all jumbled
together,” he said. “I think wewould be much better servedwith a stand-alone, laser-focusedeconomic development office, astand-alone tourism depart-ment.”
Knudson said the state’s eco-nomic development could alsobe bolstered with $36 million inMedicaid assistance that wouldfree up $36 million in statemoney, which would then beused for development. He saidvisiting with economic develop-ment offices and businessescould help to decide how themoney could best be spent.
“In the end, your jobs really
come from existing small busi-nesses that are expanding a littlebit,” he said. “I think that’s veryincremental. You just have towork with the local folks andfind out who’s thinking aboutexpanding.”
The other South Dakotagubernatorial candidates areRepublicans Dennis Daugaard,Gordon Howie, Ken Knuppe andScott Munsterman, andDemocrat Scott Heidepriem.
BY TOM AND RAY MAGLIOZZI
Dear Tom and Ray:There is a teacher in our community who
regularly can be found pouring buckets ofcool water over his vehicle before starting iton warm days. His claim is that the watercuts down on the time needed for the airconditioner to lower the temperature in hiscar to a comfortable level. Is there any truthto this claim? He drives a full-size car fromthe ’90s era. I would think that the time andwater needed to cool the car significantlywould negate the environmental and fiscaladvantages of this unorthodox practice.What do you think? If this is a good idea, thelocal hardware store will need to stock up onbuckets. -- J.D.
TOM: I don’t think the country has toworry about a bucket shortage, J.D.
RAY: Does the cool water do anything?Yes. The metal roof and doors of the car doabsorb heat. And if you cool them off, youwill reduce the amount of heat they transferinto the passenger compartment.
TOM: But as you say, J.D., the amount ofwater you’d need to make a significant differ-ence would be absurd. You’d really need agarden hose, and you’d need to play it on
the car for several minutes to have anyeffect at all. And in many parts of the coun-try, we can’t afford to waste water by pour-ing it over our cars.
RAY: Besides, in that amount of time, orless, you could open the windows, turn onthe fan or the AC, or -- even more effective --just start moving with the windows open,and create just as much heat reduction, ormore.
TOM: Here are some even better, andmore environmentally friendly, ideas to helpthe air conditioner cool your car more quick-ly in the summer. You can share these withyour teacher friend:
RAY: Use a sunshade. Or two. A card-board or microfiber sunshade in back of thewindshield will keep the sun’s rays frombeaming right into your passenger compart-ment. Side benefit: You won’t sear the shiftpattern into your palm when you go to putthe car in gear.
TOM: Better yet, use a sunscreen on therear window, too. That window often is evenmore steeply raked than the front wind-shield, and can let even more heat in.
RAY: You also can install rain guards onyour windows. Those are little metal awningsthat allow you to leave your windows openan inch or two to let hot air out without wor-rying about letting rain in.
TOM: And the easiest and most effectivesolution of all: Park in the shade.
Got a question about cars? Write toClick and Clack in care of this newspaper,or e-mail them by visiting the Car TalkWeb site at www.cartalk.com.
© 2010, King Features Syndicate, Inc.
A Unique, If Misguided, Attempt To Cool A Car
CLICK & CLACK
BY TED KOOSERU.S. Poet Laureate
Tell a whiny child that she sounds like a broken record, and she’slikely to say, “What’s a record?” Jeff Daniel Marion, a Tennessee poet,tells us not only what 78 rpm records were, but what they meant tothe people who played them, and to those who remember the peoplewho played them.
78 RPMIn the back of the junkhouse
stacked on a cardtable coveredby a ragged bedspread, they rest,black platters whose music once
crackled, hissed with a staticlike shuffling feet, fox trot or two-step,
the slow dance of the needleriding its merry-go-round,my mother’s head nestled
on my father’s shoulder as they turned, lost in the sway of sounds,
summer nights and farawayplaces, the syncopation of time
waltzing them to a worldthey never dreamed, danceof then to the dust of now.
American Life in Poetry is made possible by The Poetry Foundation, publisher ofPoetry magazine. It is also supported by the Department of English at the University ofNebraska-Lincoln. Poem copyright ©2009 by Jeff Daniel Marion. Reprinted from hismost recent book of poems, Father, Wind Publications, 2009, by permission of JeffDaniel Marion and the publisher. The introduction's author, Ted Kooser, served asUnited States Poet Laureate Consultant in Poetry to the Library of Congress from 2004-2006. We do not accept unsolicited manuscripts.
AMERICAN LIFE IN POETRY:
‘You Sound Like A BrokenRecord’ Loses Its Meaning
www.yankton.net PAGE 5Yankton Daily Press & Dakotan ■ LIFE ■ Tuesday,April 27, 2010
A night of fun and entertainment,
with dinner and shopping!
Advance Tickets: Only $15
Available at Hy-Vee & The Press & Dakotan until April 27
Come and enjoy this year’s speaker
Paula Damon“Celebrating The Chapters of Our Lives”
presented by...
Dinner includes Teriyaki Chicken Breast,Wild Rice, Green Beans Almondine,
Dinner Roll, Dessert, Coffee or Lemonade
6 th Annual
Riverfront Event Center, Historic Downtown YanktonThursday,April 29, 2010
Doors Open 4:30pm
Dinner Served 5:00-6:30pmBooths Open 4:30-7:00pm
Speaker 7:00pm
Last Day For Tickets
Card ShowerThe Family of
Mr. & Mrs. Allen Bonertz will be celebrating their
50th Wedding Anniversary on April 30th, 2010
Cards can be sent to55706 894 Rd.
Fordyce, NE 68736
40th AnniversaryOpen House
honoring Jack & Jan LassenSunday, May 2, 2010
2:00 to 4:00 PMAmerican Legion Hall, Wagner, SD
Send greetings to: Jack & Jan Lassen, P.O. Box 188,Pickstown, SD 57367; No Gifts, Please
Aah...Clean Carpet!$7595
Any Two RoomsUp To 300 Sq. Ft.
Not good with any other offer. Must present coupon. Coupon expires 4/30/10.
665-57001-800-529-2450
LIFE/REGION DIGESTGavins Point Road Closure Moved To Tuesday
Due to weather concerns, the Gavins Point Dam Crest Road closurescheduled for Monday has been moved to 8 a.m.-4 p.m. today(Tuesday).
The scheduled road closure for Wednesday, April 28, is also cancelled.
Student-Directed Plays To Be PerformedStudents of the STH 361-Play Directing class at Mount Marty College
will be presenting their final projects on Wednesday, April 28. The three short plays include: • “Funeral Parlor” by Christopher Durang, directed by Mitchell Zenk; • “While the Auto Waits” by Walter Wykes, directed by Stephanie
Stech; • and “The Hardy Boys and the Mystery of Where Babies Come
From” by Christopher Durang, directed by Aaron Steward. The shows will begin at 7 p.m. and 9 p.m. and be held in the Bistro,
located in Bede Hall on the first floor. The plays are free and open to the public. (The Bistro is not wheel-
chair accessible and the entrance to the Bistro includes stairs.)
Another ‘Purse Party’ April 29 In CroftonCROFTON, Neb. — The Eastern Township Library of Crofton, Neb.,
will be hosting another “Purse Party” on Thursday, April 29, runningfrom 3-7 p.m. The fundraiser will be held at the Crofton CityAuditorium, with items for sale on a cash and carry basis with proceedsgoing toward the library.
Purses, jewelry, wallets, and handbags in all shapes, colors and sizeswill be offered.
Door prizes along with refreshments will be available. Everyone isinvited.
‘Dining For Disaster’ Event Throughout Week“Dining for Disaster” is a fundraising event for the Yankton County
American Red Cross. Restaurants in the area have agreed to donate aportion of their sales for a day to the Yankton Red Cross for disasterrelief. The event coincides with Severe Weather Awareness Week, April26-30.
The following restaurants are participating in this benefit event: 81Seafood Chophouse, Arby’s, Burger King (ask for coupon), Godfather’sPizza, Hy-Vee Kitchen, McDonald’s, Mexico Viejo, Minerva’s Grill & Bar,Murdo’s, Pizza Ranch, Quizno’s, Starbuck’s, Waterfront Gourmet Grilland Yesterday’s Cafe.
The Yankton County American Red Cross Facebook page will carryan updated listing of participating restaurants.
Class Of 1970 Info Sought For ReunionThe Yankton High School Class of 1970 is planning a 40th class
reunion that will be held Aug. 20-21 during Riverboat Days. Some classmates cannot be located. If you have information on any-
one included in the following list of people, contact Carol (Cookie)Mattern at (214) 906-7892, or e-mail [email protected]. Susan FlintCremer can also be contacted at [email protected].
The following individuals cannot be located: Dave Basnett, BonnieBiesman, Larry Biesman, Dan Corr, Rick Cuka, Dennis Dobesh, DougDobesh, Karla Fiedler, Matt Fitzgerald, Jennifer Griffith Heineman,Chuck Gust, Scott Haffner, Sue Hagberg, Tim Hunt, Laura Ingraham,Palmer Iverson, Joe Kleinschmit, Dave Knau, Cindy Kuchta, CarolynLaw, Mike Law, Dan McLaughlin, Tim Miller, Helen Negge, Jim Nelson,Joe Nelson, Nancy Nelson, Kathy Nielson Polifka, Dave Nilson, JerryRohrig, Larry Schulte, Mike Smith, Jim Stengle, Larry Stogsdill, KathyYonke Osborn and Fred Zephier.
■ Get Updates At Yankton Online (www.yankton.net)
YOUR NEWS! ThePress & Dakotan
VOTEFrom Page 1
consideration in an electionyear. The House has alreadypassed its version of new bankregulations.
Following the vote, the presi-dent said he was “deeply disap-pointed” and urged Senators toput the interests of the countryahead of party.
“Some of these senators maybelieve that this obstruction is agood political strategy, and oth-ers may see delay as an opportu-nity to take this debate behindclosed doors, where financialindustry lobbyists can waterdown reform or kill it altogeth-er,” Obama said in a statement.“But the American people can’tafford that.”
In a statement, Nelson, a con-servative Nebraska Democrat,said his vote reflected concernsabout the bill raised byNebraska businessmen. Nelsonand Sen. Chris Dodd, D-Conn.,the chairman of the BankingCommittee, huddled before thevote discussing the eliminationof a provision supported byNebraska billionaire investor
Warren Buffett to exempt exist-ing derivatives from new regula-tions.
The legislation would requirederivatives, previously unregu-lated exotic securities, to betraded in open exchanges andcleared through a third partythat would guarantee the instru-ments. A legislative agreementstruck Monday would exemptexisting derivatives from theclearing requirements but wouldstill demand collateral for thosetrades.
“I was prepared to grandfatherexisting derivatives that have notbeen cleared, but I can’t say youcan’t have margin requirements,”Dodd said, explaining his discus-sion with Nelson.
Both the House and Senatebills, aimed at heading off anyrecurrence of the near collapse ofthe financial system in 2008,would create a mechanism for liq-uidating large firms that get intotrouble, set up a council to detectsystemwide financial threats andestablish a consumer protectionagency to police lending. The leg-islation also would require invest-ment derivatives, blamed forhelping precipitate the near-melt-down, to be traded in openexchanges.
Senate Republicans have beensolidly opposed to the legislation
so far, but Democrats are deter-mined to force them to block thebill time and again until theirunity cracks.
“I don’t think it’s a tenablepolitical position for theRepublicans to be in,” WhiteHouse spokesman Robert Gibbssaid.
And Reid mocked theRepublicans’ cohesion.
“As far as I can tell, the onlything Republicans stand for isstanding together,” he said.
In a move designed to createmore Republican discomfort,Reid kept the Senate in sessionafter the vote and forced a voteinstructing the sergeant-at-armsto demand the presence ofabsent senators.
Richard Shelby, the topRepublican on the BankingCommittee, said Monday beforethe vote, “Most Republicans wanta bill, but they want a substantivebill.”
The Alabama senator has beennegotiating with Dodd.
Shelby aides said he wants totighten language that he believeswould give the Federal Reserveand the Federal DepositInsurance Corp. too much flexibil-ity to assist large banks and theircreditors. Shelby also wants torestrict the rule-writing powersthat Dodd would give a consumer
financial protection bureau withinthe Federal Reserve.
Shelby aides have been writ-ing an alternative to Dodd’s leg-islation in the event negotiationsfail.
Shelby, emerging from a meet-ing with Dodd, said they plannedto meet again, with their respec-tive aides, to hammer out someareas of agreement.
The U.S. Chamber ofCommerce, which has been lead-ing a lobbying effort against thelegislation, sent senators a letterMonday urging them to voteagainst Democratic efforts tomove on the bill.
Polls show the public increas-ingly eager to slap restrictionson financial institutions.Moreover, a lawsuit by theSecurities and ExchangeCommission accusing GoldmanSachs of fraud has gotten atten-tion at this critical time.
To drive that point home, aSenate investigative subcommit-tee plans a hearing Tuesday onthe role of investment banks inthe financial crisis. Scheduledwitnesses include Goldmanchairman and chief executiveLloyd Blankfein and FabriceTourre, the Goldman Sachs trad-er at the center of the SECcharges.
REFORMFrom Page 1
www.yankton.net
