The U.S. Commodity Futures Trading Commission (CFTC) would face limits on its ability to impose rules on derivatives traded overseas and on manufacturers that use swaps to hedge business risks under bipartisan congressional legislation setting the scope of the agency's powers.

Republicans and Democrats on the House Agriculture Committee, which has jurisdiction over the CFTC, introduced a 48-page bill that would also force the agency to assess the costs of its Dodd-Frank Act regulations and conduct a new study of high-speed trading. The legislation is typically approved once every five years.

Representative Frank D. Lucas, the Republican chairman of the committee, said in a statement that the legislation “improves the efficiency and accountability of the CFTC, ensures regulations are implemented in a sensible manner, maintains the integrity of the marketplace, and guarantees our global competitiveness.”