“The U.S. Commodity Futures Trading Commission would face limits on its ability to impose rules on derivatives traded overseas and on manufacturers that use swaps to hedge business risks under bipartisan congressional legislation curbing the scope of the agency’s powers.

“Republicans and Democrats on the House Agriculture Committee, which has jurisdiction over the CFTC, introduced a 48-page bill yesterday that would also force the agency to assess the costs of its Dodd-Frank Act regulations and conduct a new study of high-speed trading. The legislation is typically enacted once every five years.

“Representative Frank D. Lucas, the Republican chairman of the committee, said in a statement that the legislation “improves the efficiency and accountability of the CFTC, ensures regulations are implemented in a sensible manner, maintains the integrity of the marketplace and guarantees our global competitiveness.”

“The committee scheduled a meeting tomorrow in Washington to consider the measure, which would need to pass the full House and Senate before heading to the White House for signature. The Senate Agriculture Committee has yet to release similar legislation.”

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Read full Bloomberg article here.