House Financial Services Committee Chair Maxine Waters and Senate Banking Committee Ranking Member Sherrod Brown expressed their "strong opposition" to "weakening" initial margin requirements for swaps between banks and their affiliates.
The U.S. House Agriculture Subcommittee on Commodity Exchanges, Energy, and Credit considered testimony on international developments that could affect the U.S. derivatives markets.
Seventeen House Democrats urged prudential regulators to ease initial margin requirements for inter-affiliate swap transactions by harmonizing with the CFTC and other major G20 regulators.
The House of Representatives passed the Commodity End-User Relief Act. Approved by a 239 to 182 vote, the Act would make several reforms and reauthorize the CFTC with an appropriation of $250,000,000 for fiscal years 2017 through 2021.