The U.S. House approved Wednesday the Swaps Regulatory Improvement Act, a bill sponsored by U.S. Rep. Randy Hultgren, R-Winfield.
The bill would amend the Dodd-Frank Act with “respect to the prohibition against certain federal assistance to swaps entities,” according to the legislation. It would allow banks to engage in swaps and still have “access to the Federal Reserve credit facilities or discount windows” and “Federal Deposit Insurance Corporation insurance or guarantees.”
The bill was supported by the Illinois Bankers Association and the Illinois Chamber of Commerce. The U.S. House voted, 292-122, and Hultgren said he looked forward to “quick action in the Senate.”
The bill was opposed by some unions and Americans for Financial Reform.
That group said the bill “would change the law to permit public support of swaps dealing activities at some of the largest banks on Wall Street.”