U.S. House Panel Advances Delay of Dodd-Frank Swaps Rules
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The Financial Services Committee today became the second House panel to approve a measure to delay the implementation of new U.S. rules for the derivatives market dominated by banks like JPMorgan Chase & Co. and Goldman Sachs Group Inc.
Chairman Spencer Bachus, the Alabama Republican who co-sponsored the bill to delay the rules until Sept. 30 of next year, said the legislation was “needed to restore order to the Dodd-Frank Act derivatives rulemaking process.”