US House lawmakers, acting after JPMorgan Chase & Co announced $2 billion in derivatives trading losses, delayed a committee vote on legislation easing Dodd-Frank Act swaps rules.
The US House Agriculture Committee postponed a May 17 committee meeting to vote on the measures, which would limit the international reach of the 2010 regulatory overhaul law’s swaps regulations and allow more derivatives trading to occur in federally insured banks.
The bill restricting the international scope of Dodd-Frank rules gained bipartisan support in a separate US House committee. JPMorgan, Goldman Sachs Group Inc (GS) and Morgan Stanley (MS) have argued that applying the rules to overseas branches would hurt their ability to compete with rivals based outside the US.
The legislation would need passage by the full House and Senate before it could be sent to President Barack Obama for final approval. Neither chamber has scheduled a vote.
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