The Senate current bill on climate change (which has not yet passed) contains no provisions on derivatives. It is not clear what the administration's position is on this point.
ISDA and various other industry bodies requested that the provisions be removed but were ignored.
[These provisions] will adversely affect the ability of American businesses to manage risk and control funding costs through the use of the derivatives markets. ...
these provisions should not be considered by the House as part of the climate change legislation. We ask that Sections 341 and 351-358 be removed from H.R.2454
ISDA is gearing up for a campaign to educate Congress on the nature of CDS - in particular "naked CDS" - with the hope that whatever decision is reached will be a fully informed one.