The U.S. Commodity Futures Trading Commission (CFTC) would facelimits on its ability to impose rules on derivatives tradedoverseas and on manufacturers that use swaps to hedge businessrisks under bipartisan congressional legislation setting the scopeof the agency's powers.

Republicans and Democrats on the House Agriculture Committee,which has jurisdiction over the CFTC, introduced a 48-page billthat would also force the agency to assess the costs of itsDodd-Frank Act regulations and conduct a new study of high-speedtrading. The legislation is typically approved once every fiveyears.

Representative Frank D. Lucas, the Republican chairman of thecommittee, said in a statement that the legislation “improves theefficiency and accountability of the CFTC, ensures regulations areimplemented in a sensible manner, maintains the integrity of themarketplace, and guarantees our global competitiveness.”