U.S. House Panel Approves Bill Limiting Swaps-Regulation Reach
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The U.S. House Financial Services Committee approved legislation to limit the international reach of Dodd-Frank Act derivatives rules that banks said would hurt their ability to compete with foreign-based rivals.
The bipartisan measure, approved by a 41-18 vote at a committee meeting in Washington today, would restrict the 2010 law’s clearing, trading and collateral regulations from applying to trades between foreign-based affiliates of U.S. banks and their overseas clients.