The House Financial Services Committee approved the Financial CHOICE Act, a Republican plan that would replace the Dodd-Frank Act.
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House Agriculture Committee leadership urged federal banking regulators and the CFTC to work with the European Commission to: (i) adhere to the agreed upon timetable for implementation of rules on margin for uncleared swaps, or if that effort is unsuccessful, (ii) to coordinate a new global implementation timeline.
The Senate Agricultural Committee passed the Commodity End-User Relief Act, a bill that would reauthorize the CFTC through 2018 and amend certain provisions of the Dodd–Frank Act.
In light of what he called "dramatically expanded responsibilities," CFTC Chair Timothy G. Massad urged the Senate Committee on Appropriations to approve President Obama's fiscal year 2017 budget request for the CFTC.
Representative Elijah E. Cummings (D-MD) expressed concerns about the SEC's proposed rule regarding waiver requests and security-based swaps ("SBS"), titled: "Applications by Security-Based Swap Dealers or Major Security-Based Swap Participants for Statutorily Disqualified Associated Persons to Effect or Be Involved in Effecting SBS’s." In a letter addressed to SEC Chair Mary Jo White, Representative Cummings stated that the proposed rule would "allow entities other than the SEC - including private entities - to grant waiver requests" and "constitute[s] the first time the [SEC] has granted