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Prediction: NY Dems will be “slip sliding away” from their letter on derivatives

Washington, May 17 -

POLITICO’s “Morning Money” reports today that members of NY’s congressional delegation, including several Democrats on the Financial Services Committee, have written regulators to express their concerns that proposed rules governing derivative margin requirements “will inevitably result in significant competitive disadvantages for U.S. firms operating globally.”  Could it be possible that the Committee Democrats who are listed as signatories – Reps. Carolyn Maloney, Gregory Meeks, Carolyn McCarthy and Gary Ackerman – will now support H.R. 1573, which is designed to address the very same concerns they raise in this letter?  The full Committee will mark up H.R. 1573 next week.

Only time will tell, but it’s not likely.  To quote New York City’s own Paul Simon, these Democrats will probably be “slip sliding away” from that letter during the markup.

Or to put it another way:  When it comes to protecting the competitiveness of the U.S. financial sector when it really matters -- with their votes -- expect to hear from these NY Democrats the “sound of silence” next week.

Link to “Morning Money” report “N.Y. Delegation Strikes Back”:  http://www.politico.com/morningmoney/