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House Passes Cross-Border Swaps Bill

Bill limiting CFTC authority on cross-borders swaps may pressure the agency to delay final action on application of derivatives rules to foreign entities.

By Dave Michaels, Bloomberg | Updated on June 17, 2013

House lawmakers passed legislation June 12 that would curb the authority 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 CFTC commissioners have signaled they want to delay final action on how new derivatives rules apply to foreign banks and the overseas affiliates of U.S. banks and hedge funds.

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