It's an obscure rule that few people understand, but its backers hope it will correct a crucial flaw in a $2.7 trillion market whose collapse in 2008 froze financial transactions around the world.
There's one snag: the relentless bulldogs at Federated Investors Inc.
The family-run investment manager that oversees $367.2 billion in assets has outlasted larger firms like BlackRock Inc. and Fidelity Investments in the fight to persuade Congress that the regulation should never take effect. Federated has built a sophisticated lobbying operation, bankrolling lawmakers' political campaigns and recruiting state officials to press its case.
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