WEST DES MOINES – Mark Rees, candidate in Iowa’s 3rd U.S. Congressional District, applauds Sen. Chuck Grassley’s (R-IA) vote in support of the Derivatives Bill passed by the Senate Agricultural Committee last Wednesday. The bill, intended as part of the larger financial reform package, was approved 13-8, largely on party lines. Sen. Chuck Grassley was the sole Republican in support of the initiative.

Derivatives are financial instruments that are valued based on other underlying financial instruments and have been blamed for the recent financial crisis. The Agricultural Committee has oversight of the Futures Commodities Commission, to which many derivatives are tied.

While Sen. Grassley has not indicated if he would support the entire financial reform bill, Mark Rees said, “It takes a leader with conviction and courage to stand against party lines and in support of what’s right for Iowans. Voting to give investors more transparency and accountability from the unregulated derivatives market is a first step in minimizing the public’s risk and restoring confidence in our financial markets.”