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House Passes Bill to Limit CFTC’s Cross-Border Swaps Authority

House lawmakers passed legislation yesterday that would curb the U.S. Commodity Futures Trading Commission’s authority to oversee the $633 trillion global swaps market.

The bipartisan bill’s approval came as a majority of CFTC commissioners have signaled they want to delay final action on how new derivatives rules apply to foreign banks and the overseas affiliates of U.S. banks and hedge funds.