Sens. Christopher Dodd, D-Conn., and Blanche Lincoln, D-Ark., are seeking to clarify the effects that they say the regulatory-reform bill would have on the derivatives market. The key senators wrote in a letter that capital and margin rules proposed in the bill should not be applied retroactively. "Congress recognized that the capital and margin requirements in this bill could have an impact on swaps contracts currently in existence," the senators wrote. "We provided legal certainty to those contracts currently in existence, providing that no contract could be terminated, renegotiated, modified, amended or supplemented ... based on the implementation of any requirement in this act."
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