Warren opposes derivatives bills with House traction

Some Democrats on the House Financial Services Committee vocally opposed the bills when they were considered earlier this month, including the ranking member Maxine Waters (D-Calif.). Financial reform advocates have also staunchly opposed the bills. But each of the seven bills garnered overwhelming support from members of both parties. The House has yet to take up the measures on the floor.

Warren is joined in the effort to fight back against the bills by Treasury Secretary Jack Lew, who warned that it was too soon to begin altering provisions tied to derivatives, while regulators are still writing rules implementing the original provisions.

"The derivatives provisions in the Wall Street Reform Act constitute an important part of the reforms being put in place to strengthen our financial system by improving transparency and reducing risks for market participants," he wrote to House members. "These reforms should not be weakened or repealed."

It remains to be seen whether the bills, if cleared by the House, will gain any traction in the Senate. The House passed similar measures in the last Congress, but the Senate did not take them up, as Senate Banking Committee Chairman Tim Johnson (D-S.D.) was unwilling to reopen Dodd-Frank to changes at that point. Members in both parties have expressed interest in considering technical changes to the law in this Congress.