On October 2nd, the Chairman of the House Financial Services Committee, Barney Frank, released a draft bill that would regulate over-the-counter derivatives. Committee Press Release. The draft bill exempts end-users from having to execute their trades through a central clearinghouse. Exemptions. The House Financial Services Committee held hearings on the proposed bill at whichHenry T.C. Hu, the SEC's Director, Division of Risk, Strategy, and Financial Innovation, testified that certain aspects of the bill may inadvertently preserve regulatory gaps. CFTC Chairman Gary Gensler stated that financial firms should be required to clear derivatives through central clearinghouses. Financial industry representatives are concerned with the clearing and exchange - trading requirements. Response. See also Gensler Testimony and Interest Groups.