Despite opposition by the White House and Democrats, the House panel passed several derivatives bills that would modify provisions of the 2010 Dodd-Frank Act.
One of the more contentious banking-related provisions passed Wednesday included the Swap Jurisdiction Certainty Act, which passed by a vote of 301-124. This bill requires the Securities and Exchange Commission and Commodity Futures Trading Commission to have identical cross-border swaps rules and authorize the agency to regulate swaps transactions between the U.S. and foreign entities.
The White House issued a Statement of Administration Policy against the bill. "Given these ongoing coordination efforts, passage of this bill would be premature and disruptive to the current and ongoing implementation of the reforms," the White House statement said. "The administration believes regulators should be given the time necessary to complete their work."
American Banker's Victoria Finkle highlights several of the other derivatives bills the House passed.
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