Wall Street May Win Swap-Rule Revisions

House committee advances legislation giving banks greater ability to trade swaps overseas.

U.S. House lawmakers advanced legislation that would ease Dodd-Frank Act derivatives rules and give banks greater ability to trade swaps overseas.

The House Agriculture Committee voted today to move seven measures, including one to allow trading of almost all types of derivatives by units of banks that hold government-insured deposits -- such as JPMorgan Chase & Co. and Citigroup Inc. A separate bill would restrict U.S. regulators’ ability to apply rules to overseas transactions.

Banks’ Opposition

The CFTC’s proposed guidance, which lacks an economic analysis, has spurred opposition from JPMorgan, Goldman Sachs Group Inc. and other U.S. banks, which say they will be hurt compared with foreign-based rivals.

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