The House Financial Services Committee passed nine bills on Tuesday with provisions that would make key changes to Title VII of the Dodd-Frank Act.
"The bills passed by the banking panel cover a range of issues, from when swaps can be traded between company affiliates to how swaps are regulated internationally. Several minor bills were passed unanimously by members of both parties, and Democrats were united in voting against one bill, passed with support from the GOP majority, which would require the Securities and Exchange Commission to conduct a rigorous cost-benefit analysis of each of its rules. Many of the other provisions, however, including some of the most critical ones for the industry, were subject to lengthy debate," writes American Banker's Victoria Finkle.
Many of the bills received bipartisan support, however the top Democrat on the panel, Rep. Maxine Waters, voted against several key measures stating that she was wary about re-opening the "unfinished project" that is Dodd-Frank.
"As we approach the three-year anniversary of the passage of the [Dodd-Frank] Act, with only about one-third of the required rulemakings having been completed, I am exceedingly nervous about re-opening the bill and making major adjustments to what is still an unfinished project, particularly with regard to the derivatives reform we accomplished under Title VII of the Act," the California Democrat said in her opening statement. "And especially on issues where regulators have the authority under the Wall Street Reform Act to address any legitimate issues raised by the industry, I am concerned about legislation that might tie their hands or constrain their ability to respond to evolving markets."
For the full piece see "House Banking Panel Passes Broad Package of Derivatives Bills" (may require subscription).