OTC Derivative Bill Passes Final House Panel

Law360, New York (October 21, 2009, 5:44 PM EDT) -- The U.S. House of Representatives' Agriculture Committee on Wednesday gave its approval to legislation proposing new clearing, margin and reporting requirements for over-the-counter derivative swaps, clearing the bill to be combined with competing proposals before a final vote by the full House.

Committee markup to the Over-the-Counter Derivatives Market Act of 2009, which received unanimous approval from Agriculture Committee members, must now be reconciled with a similar version passed by the House Financial Services Committee on Oct. 15.

“I think we have a bill here that...
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