Time to start targeting Republican votes: Senate Democrats agreed on Sunday to require banks to spin off their derivatives-trading arms, with Senator Chris Dodd of Connecticut accepting the derivatives package of Senator Blanche Lincoln of Arkansas. Two Republicans have supported Lincoln’s language, but the GOP will block a vote from taking place in the Senate on Monday. Democrats are mostly gearing up for a fight rather than for a compromise with the GOP, though they appear willing to throw the $50 billion bank fee that Republicans have attacked on the scrap heap.
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