House lawmakers passed legislation June 12 that would curb theauthority of the U.S. Commodity Futures Trading Commission (CFTC)to oversee the $633 trillion global swaps market.

The bipartisan bill's approval came as a majority of CFTCcommissioners have signaled they want to delay final action on hownew derivatives rules apply to foreign banks and the overseasaffiliates of U.S. banks and hedge funds.

Chairman Gary Gensler insists the agency should take its finalvote on the guidance by July 12, when the current deadline expires.While the bill is not expected to be introduced in the Senate, theHouse vote could increase pressure on Gensler to agree to adelay.

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