The House and Senate have passed legislation which provides that swap end-users do not have to provide initial and variation margin for uncleared swaps as previously required by the Dodd-Frank Act.

The provision is included in the Terrorism Risk Insurance Program Reauthorization Act of 2015.

Senators defeated an amendment by Sen. Elizabeth Warren, D-Mass., to remove the margin exemption provision. The amendment failed by a vote of 31-66.