Senate bill deals blow to corporate users of derivatives

Christopher Dodd, Senate Banking Committee chairman

US corporates' hope for exemption from the central clearing of derivatives took a knock yesterday as a US Senate committee released a draft discussion bill that differs from two existing derivatives bills introduced in the House of Representatives.

The bill, the Restoring American Financial Stability Act 2009 - released by the Senate Banking Committee under the chairmanship of Senator Chris Dodd - proposes sweeping reforms to the regulatory system, including the creation of a single federal bank

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