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Banks Set for Swaps-Rule Win

Spending bill includes repeal of Dodd-Frank ban on swaps trading in bank units with federal backstops.

By Silla Brush and Cheyenne Hopkins, Bloomberg | Updated on December 10, 2014

Wall Street is poised to win a big victory in its lobbying campaign against the Dodd-Frank Act as lawmakers move to repeal a derivatives rule as part of a bill to fund the government.

Congress will vote this week on a bill that lets JPMorgan Chase & Co., Citigroup Inc. and other lenders keep swaps trading in units with federal backstops. House and Senate negotiators agreed yesterday to give the break along with funding increases for the Commodity Futures Trading Commission and Securities and Exchange Commission.

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