The debate to amend provisions of the Dodd-Frank Act is about to become heated as the House Financial Services Committee is scheduled to vote on nine derivatives bills today.
Dodd-Frank remains an active component in the bills to be considered, including concerns over Title VII and Section 716 which focuses on swaps rules.
"The fate of the legislation this year remains unclear, although some in the industry are hopeful that at least a few of the measures can be enacted, either as standalone bills or as part of a larger package. Liberal groups and some Democrats, however, have pushed back against the measures, warning that the package of legislation rolls back important regulatory provisions for the swaps market and effectively guts the financial reform law," writes American Banker's Victoria Finkle.
Several of the proposed changes passed the House last year, but were not picked up in the Senate. The Democratic-controlled Senate has been wary of making significant changes to the Dodd-Frank law, and therefore it is uncertain what chances the bills will have.
"So far, there's very little appetite in the Senate majority to revisit anything to do with Dodd-Frank. There's a visceral defend-the-franchise reaction to it," said Daniel Crowley, a partner at law firm K&L Gates.
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