When Democrats controlled Congress in 2010, they tried to rein in some banking activities again under the Dodd-Frank law. The wide-ranging bill included a provision, the swaps push-out rule, which forced banks to relocate their risky derivatives trades to parts of their businesses that aren’t backed by the Federal Deposit Insurance Corp. (FDIC).
The four biggest U.S. banks, JPMorgan Chase, Bank of America, Citibank and Wells Fargo, have been working to get rid of this provision ever since.
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