House Democrats target Senator LincolnÕ swaps-desk proposal

A group of US House Democrats is strategizing to strip the most contentious derivatives language from legislation to overhaul the financial-regulatory system. Representative Michael McMahon, a New York Democrat who played a role in shaping the House derivatives language passed last year, said he will work to remove a provision in the Senate legislation that would force commercial banks such as Goldman Sachs Group and JPMorgan Chase to move their swaps- trading operations to subsidiaries.

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