Controversial swaps legislation survives as US Senate passes bill

Swap dealers and major swap participants will be unable to qualify for federal government support

Capitol Hill

After two weeks of debate, the US Senate yesterday passed its financial reform bill, which includes a controversial measure aimed at preventing certain derivatives swap participants from qualifying for federal government assistance.

The bill, which was passed by a vote of 59-39, follows the passage of the Derivative Markets Transparency and Accountability Act, part of the US House of Representatives overall financial reform package, on December 11. Both the Senate and House bills must now be

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