Dems head fake on openness over financial reform bill?

This discussion is from Politico.

House Financial Services Committee Chairman Barney Frank (D-Mass.) even wants C-SPAN there, he said, to capture their decision making — and expose members who vote with Wall Street. . . .

All of the negotiations will continue to take place in private, with squadrons of lobbyists for financial firms trying to grab their last chance to shape the legislation. . . .

When lawmakers are ready to ratify their decisions, Frank said they will go into an open session to debate and vote on changes to the bill. He called this kind of conference “old-fashioned” — and it would be a notable change from recent past practice in Congress — but it might be only a daylong session at the end of weeks of closed-door talks. . . .

“Democrats will try to get together and work out differences on their own, and the White House will be involved,” said a senior Senate Republican aide. “And then they will try to offer a manager’s type of amendment and move it.”

Republicans embraced the conference committee and Frank’s C-SPAN pledge because it gives them one more public platform to press their vision of reform — and score points. . . .

The Chamber of Commerce has identified two provisions as its top priorities — eliminating the Senate bill’s requirement that banks spin off their derivatives operations and blunting the independence of a new consumer financial protection agency.

Wall Street’s biggest fight will be over Senate Agriculture Committee Chairwoman Blanche Lincoln’s derivatives ban. “We’re simply not convinced that the Lincoln provision will come out in conference, despite what the administration might be telling you,” said one financial services lobbyist.

And as for their strategy, the lobbyist said, “I think the strategy on derivatives is political. They’re going to need to wait until after June 8 [Lincoln’s primary], to get the political will to do something about this. They’ve all said that they understand it’s bad policy. So it’s a matter of politics now.”

The White House will fight any further carve-outs for specific industries from CFPA oversight and will press hard to undo an exemption written into the House bill for auto dealers. . . .