US OTC legislation moves closer
Legislation to regulate the over-the-counter derivatives market took its first steps through the US Congress last month, with two House committees passing versions of a US Treasury bill submitted in August.
The two proposals must now be reconciled and pass a vote by the entire House. A third bill was introduced in the Senate in September by Jack Reed, chairman of the Subcommittee on Securities, Insurance, and Investment, but has not started to move forward through the committee stage to a debate
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