Swap push-out reform bill passes committee despite Waters opposition

Capitol Hill

The leading Democrat on the House Committee on Financial Services has unexpectedly withdrawn her support for a bill that would correct the unequal treatment of US and foreign banks under section 716 of the Dodd-Frank Act – the controversial swap push-out rule.

At a mark-up hearing of House resolution 992 (HR 992) – the Swaps Regulatory Improvement Act – held in Washington, DC yesterday, representative Maxine Waters, the ranking Democratic member on the committee, surprised Republican members by

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