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March 26, 2013

Bills Chipping Away at Dodd-Frank Hop One Hurdle, Next Vote April 11

Some of the most extensive changes yet to the Dodd-Frank Act moved a step closer to reality with the House Agriculture Committee’s approval last week of seven legislative proposals to amend its Title VII derivatives rules.

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The Swap Jurisdiction Certainty Act, for example, has raised fears that large U.S. banks operating internationally could shuffle paperwork through their international locations to avoid domestic derivatives regulation.

Better Markets, a non-profit organization that promotes the public interest in the financial markets, has criticized H.R. 1003 as imposing “unnecessary economic analysis on every financial reform rule proposed by the CFTC.”

“Wall Street uses cost-benefit analysis as its primary weapon in its many lawsuits to kill financial reform and protect their profits and bonuses, says Dennis Kelleher, president of the group.

The next step for the seven bills is an April 11 hearing before the House Committee on Financial Services.”

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Read full Compliance Week article here

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