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Wednesday, May 8, 2013

Derivatives Bills Clear Financial Services Committee

The House Financial Services Committee yesterday approved nine bills, most related to derivatives. ABA supported several of the bills, which would amend the Dodd-Frank Act and the JOBS Act.

On H.R. 634, the committee voted unanimously that end users do not have to meet margin requirements for uncleared swaps. H.R. 992, which clarifies that banks can continue to engage in swaps without having to move structured finance products to a separately capitalized affiliate, passed 53-6.

The committee approved H.R. 801, which corrects a technical error to extend updated SEC shareholder registration and deregistration thresholds to savings and loan holding companies, by a voice vote.

H.R. 1062, which requires a full cost-benefit analysis for all SEC regulations, passed 31-28 along party lines. House Majority Leader Eric Cantor (R-Va.) has indicated he will bring H.R. 1062 to the House floor this month.

ABA outlined its positions on the bills in a letter to committee members on Monday.

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