Republican lawmakers who want to rein in Wall Street’s watchdogs aren’t waiting around for Donald Trump.
Bloomberg News reports that in a likely preview of things to come, the GOP-controlled House passed legislation 239-to-182 Thursday that would make it much harder for the top U.S. regulator of the $544 trillion derivatives market to justify new rules. The bill also could reduce the Commodity Futures Trading Commission’s authority over some swaps trades made overseas, even if the transactions involve U.S. banks. Wall Street and Republicans have sought such a change for years.
The derivatives legislation marks one of the first financial measures to advance in the new Congress. While a similar bill stalled in the Senate last year, Trump’s surprise victory in the presidential election has increased the prospects that at least some of its provisions will become law.
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