House Approves Derivatives Pushout Bill Amending Dodd-Frank
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Legislation to undo a Dodd-Frank Act measure requiring banks such as JPMorgan Chase & Co. and Citigroup Inc. to separate swaps trading from deposit-taking units was advanced by the U.S. House with bipartisan support.
The revision approved today in a 292-122 vote would upend the 2010 law’s pushout provision by allowing trades of almost all types of derivatives by lenders with access to deposit insurance and discount borrowing. A companion bill has failed to gain traction in the Democrat-controlled Senate, which would have to agree with the change for it to become law. The House bill received 70 votes from Democrats.