House Easily Passes Bill Requiring SEC, CFTC to Issue Joint Dodd-Frank Rule

The House easily passed a bill June 12 that would direct the Commodity Futures Trading Commission and the Securities and Exchange Commission to issue joint rules on the cross-border reach of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act.

The bipartisan-sponsored bill (H.R. 1256) passed 301-124 with 73 Democrats voting in favor. At the same time, many Democrats vociferously opposed the bill, saying it would undermine Dodd-Frank and strong, U.S.-led swaps regulation.

Rep. Jeb Hensarling (R-Texas), chairman of the House Financial Services Committee, told colleagues during debate on the measure that the bill, the Swap Jurisdiction Certainty Act, ...