BUSINESS
05/19/2010 01:10 pm ET | Updated May 25, 2011

Dodd Backs Down On Derivatives

Under pressure, Sen. Chris Dodd (D-Conn.) has backed down on his attempt to weaken the derivatives section of Wall Street reform authored by Sen. Blanche Lincoln (D-Ark.).

"Dodd does not intend to bring up the amendment to section 716 on derivatives he had filed," his office tweeted Wednesday afternoon.

Dodd's proposal would have allowed opponents of the legislation to study it for two years and decide whether to allow it go into effect.

Lincoln failed to reach 50 percent in her primary contest Tuesday night, requiring her to continue to campaign against progressive Bill Halter until June 8.