Rep. Spencer Bachus, R-Ala., who is expected to head the House Financial Services Committee next year, said he is looking to rewrite derivatives rules in the Dodd-Frank Act. He called the provisions "overly expansive." The rules require routine swaps to be traded on exchanges and routed through clearinghouses. Other items on Bachus' agenda include a rollback of broad liability imposed on credit rating agencies as well as reform of Fannie Mae and Freddie Mac.

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