And now, it looks like there is a deal being struck to pass a piece of legislation that would make what they want to do legal.

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Pan, author of the bill, says it looks like it will come up for a full Senate vote, and may pass before school resumes in the fall.

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"We saw the market go down after the bailout didn't pass, and we saw a market that went down even more after it did pass, so at this point it looks like traders and investors are just looking for an excuse to sell, " said Cleveland Rueckert, an analyst at Birinyi Associates.

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