The Financial Services Committee today became the second House panel to approve a measure to delay the implementation of new U.S. rules for the derivatives market dominated by banks like JPMorgan Chase & Co. and Goldman Sachs Group Inc.
Chairman Spencer Bachus, the Alabama Republican who co-sponsored the bill to delay the rules until Sept. 30 of next year, said the legislation was "needed to restore order to the Dodd-Frank Act derivatives rulemaking process."
Lawmakers approved the measure in a 30-24 party-line vote, with all 24 Democrats present voting against the proposal. The House floor would be the next stop for the bill, which is unlikely to progress beyond that because Democrats control the Senate and White House.
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