The measure would seek to prevent taxpayer-funded bailouts, prohibiting the Federal Reserve and the FDIC from providing any federal funds to help a failing financial institution and allow regulators to punish bad behavior.
The plan also closes loopholes to escape regulation and allows businesses and manufacturers who use the markets to continue to do so.
Under the bill, swap dealers also will have a fiduciary duty in interests related to the pension funds of cities and states. The measure also regulates the $60 trillion foreign exchange swaps like other Wall Street contracts.
To read the legislative text, click here.