U.S. House Agriculture Committee members voted to advance legislation to delay Dodd-Frank Act rules governing the derivatives market until the end of 2012.

The Republican proposal was approved today in a 25-20 party-line vote during a committee meeting in Washington. The bill, aimed at giving regulators more time to write rules and avoid unintended consequences, would revise Dodd-Frank requirements that most new derivatives regulations be completed by mid-July. Regulators have said some of the deadlines will slip until later this year.

"It doesn't water the bill down and it's not a kill tactic," said Frank D. Lucas, the Oklahoma Republican who leads the Agriculture Committee. "It provides an additional 18 months for rulemaking."

Continue Reading for Free

Register and gain access to:

  • Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
  • Informative weekly newsletter featuring news, analysis, real-world case studies, and other critical content
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.