Democratic Senators Chris Dodd (Connecticut) and Blanche Lincoln (Arkansas) told House Democrats that the version of the bill now moving forward on Capitol Hill "provides legal certainty to those contracts currently in existence, providing that no contract could be terminated, renegotiated, modified, amended, or supplemented."
Dodd and Lincoln also write, "It is imperative that we provide certainty to those existing contracts for the sake of our economy and financial system."
The first report on the letter came from Erik Holm of Dow Jones Newswires, who was given a copy by Berkshire when he asked for comment on an analyst's forecast this week that the company might have to put up between $6 and $8 billion in collateral due to the new FinReg bill before Congress.
Buffett and other Berkshire executives had argued that while they have no objection to requiring collateral on future derivatives contracts, they shouldn't be forced to absorb the extra cost of posting collateral on existing contracts.
Current Berkshire stock prices:
Class B: [BRK.B 77.24 -1.57 (-1.99%) ]
Class A: [BRK.A 115500.0 -2595.00 (-2.2%) ]
CNBC VIDEO: Warren Buffett Testifies to Financial Crisis Inquiry Commission
Download the 2009 Warren Buffett Letter & 2009 Annual Report to Berkshire Hathaway Shareholders
Download the 1977 - 2009 Warren Buffett Letter's to Berkshire Hathaway Shareholders
The Benjamin Graham Collection - The full list of books by the great investor teacher Benjamin Graham