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Second House Panel Votes to Delay Swaps Rules

Measure would postpone effective date for new regs until September 2012

By Phil Mattingly, Bloomberg | Updated on May 25, 2011

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.”

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