US OTC legislation passes with corporate carve-out

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The US House of Representatives passed radical new over-the-counter derivatives legislation on Friday December 11, including a major carve-out for corporate end users. The House voted 223 to 202 to pass the Wall Street Reform and Consumer Protection Act, a comprehensive financial reform package introduced to the House Rules Committee by the House Committee on Financial Services on December 2. The House debated more than 36 amendments to the bill, many of which centred on the Over-the-Counter