U.S. House and Senate lawmakers introduced legislation that would allow more swaps trading to be conducted at banks that have federal insurance by repealing part of the Dodd-Frank Act.

The bipartisan measures call for altering the 2010 law's requirement that banks with access to deposit insurance and the Federal Reserve's discount window move some derivatives trades to separate affiliates that have their own capital. Commodity, equity and structured swaps tied to some asset-backed securities would be allowed in banks under the legislation.

“People who object are going to say this allows banks to take huge risks. Not true,” said Representative Jim Himes, a Democrat from Connecticut who is among the bill's sponsors. “It's going to allow them to maintain inventory of the swaps that their customers need to buy from them; just the same way when you go to buy a car from a car dealer.”