Formerly unregulated over-the-counter derivatives will be regulated under legislation that cleared the House Financial Services Committee.

H.R. 3795, the Over-the-Counter Derivatives Markets Act of 2009, passed by a vote of 43-26. Backers say the new rules will help modernize America’s financial regulatory system by standardizing derivative swaps. Derivatives played a key role in the financial implosion of New York-based American International Group, helping to set off last year’s financial crisis.

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