The US House of Representatives voted on Thursday December 10 to approve the derivatives section of the Wall Street Reform and Consumer Protection bill, which is expected to be voted through in its entirety today (Friday).
During the voting on Thursday, lawmakers accepted and rejected many important amendments relating to OTC derivatives.
The bill’s passage will not make it law – it will still have to pass the Senate and be amalgamated with the Senate’s own financial reform bill, which will not happen until well into the new year. But it does bring enactment of reforms one step closer and give clues to what the final shape of legislation might be.
Many of the amendment votes yesterday that concerned derivatives had the effect of preserving the status quo, or watering down reforms.
For example, the accepted Amendment 6 expands the exclusions of major swap participants to exclude those that...