A U.S. House panel approved four measures to cut back new regulations aimed at the $601 trillion swaps market, including a measure to repeal the so-called "push-out" provision requiring depository banks to transfer derivatives trades to an affiliate.

The House Financial Services subcommittee on capital markets approved the measure, which would repeal a provision, known as "716" for its section in the Dodd-Frank Act, that forces banks with access to deposit insurance from the Federal Reserve's discount window to move some of their derivatives transactions into an affiliate.

"There are broad-based objections to 716 as actually creating more risk than it might mitigate," Representative Nan Hayworth, a New York Republican and sponsor of the measure, said today. "Banks are the heaviest regulated and safest entities within holding companies."