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May 9, 2013

House Panel Backs Weakening of Derivatives Rules 
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The House Financial Services Committee has overwhelmingly approved three
measures that would undo key provisions of the 2010 Dodd-Frank bill for
Wall Street reform. The bills would weaken oversight of derivatives
trades by adding a series of exemptions and allowing large banks to
conduct risky trades through international subsidiaries. Just six of the
committee's 61 members voted against all three provisions. According to
Mother Jones, House Financial Services Committee members received some
$14.8 million from the financial and banking industry during the last
election cycle.

 

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