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House Panel Backs Weakening of Derivatives Rules

HeadlineMay 09, 2013

The House Financial Services Committee has overwhelmingly approved three measures that would undo key provisions of the 2010 Dodd-Frank bill for Wall Street reform. The bills would weaken oversight of derivatives trades by adding a series of exemptions and allowing large banks to conduct risky trades through international subsidiaries. Just six of the committee’s 61 members voted against all three provisions. According to Mother Jones, House Financial Services Committee members received some $14.8 million from the financial and banking industry during the last election cycle.

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