Rep. Jim Himes (D-Conn.), a former Wall Street executive, is joining Rep. Randy Hultgren (R-Ill.) to introduce legislation that would undercut one of the most meaningful elements of the 2010 Dodd-Frank Wall Street Reform Act.

The bill would "allow banks to keep commodity and equity derivatives in federally insured units," Politico reported on Wednesday, meaning that banks would no longer be forced to spin off their trading desks. It would weaken Dodd-Frank's "push out" provision, otherwise known as the Prohibition Against Federal Government Bailouts of Swaps Entities, which bars federal assistance from being provided to any swaps entity.

Derivatives -- which Warren Buffett has referred to as “financial weapons of mass destruction” -- are viewed as a key trigger of the 2008 economic crisis.

“We need financial regulation that allows businesses and the banks they use to have access to the tools that help keep prices of consumer goods—like groceries and home heating oil—steady, while ensuring that the taxpayers are never again on the hook for the types of wild bets helped crash the economy in 2008,” Himes said in a press release. “This bill maintains Dodd-Frank’s prohibition on that risky behavior at banks that are insured by the taxpayers while allowing businesses that produce products Americans use every day to continue to use swaps to maintain predictability in their operations and in the prices of their products.”

Himes, who was recently named the national finance chairman of the Democratic Congressional Campaign Committee, is a former executive at Goldman Sachs, where he was a vice president.

In 2010, Himes took heat from consumer advocates for opposing the Senate’s version of the financial reform bill, at which point he characterized derivatives as a “political football.”

“The discussion of derivatives in the political world has become a zero sum game,” Himes told the Connecticut Mirror. “But there’s a lot more common ground here than the people who are yelling about this would have you believe.

During a testimony before the Senate last week, Federal Reserve Chairman Ben Bernanke expressed support for Himes and Hultgren’s proposal, Politico reported.

This article was edited after publication to clarify the effect of the bill and updated to include a comment from Himes.

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  • The Numbers

    The House has 233 Republicans and 200 Democrats. Each party should pick up one more seat when two vacancies are filled. Going into the election, the GOP edge was 242-193. Senate Democrats will have a caucus of 55, including two independents, Angus King of Maine and Bernie Sanders of Vermont. Republicans have 45. That's a pickup of two seats for Democrats. <em>(Text <a href="http://www.huffingtonpost.com/huff-wires/20130103/us-new-congress-glance/">via the Associated Press</a>)</em>

  • Women

    The House will have 79 women, including 60 Democrats. At the end of the last session, there were 50 Democratic women and 24 Republican women. The new Senate will have 20 women members, an increase of three. That consists of 16 Democrats and four Republicans. The last Senate had 12 Democratic women and five Republicans. (Text <a href="http://www.huffingtonpost.com/huff-wires/20130103/us-new-congress-glance/">via the Associated Press</a>)

  • Freshmen

    With two vacancies to be filled, the House has 82 freshmen; 47 Democrats and 35 Republicans. As of the end of the last session, 87 of 103 freshmen were Republicans. The Senate will include 14 new faces, with nine Democrats and the independent King. Five are women. New senators include Brian Schatz, who was sworn in on Dec. 27 to fill the seat of the late Hawaii Democrat Daniel Inouye. (Text <a href="http://www.huffingtonpost.com/huff-wires/20130103/us-new-congress-glance/">via the Associated Press</a>) <em>(Pictured at left: Incoming House freshmen of the 113th Congress pose for a group photo on the East steps of the Capitol in Washington, Thursday, Nov. 15, 2012. AP Photo/Susan Walsh)</em>

  • African Americans

    The House will have 40 African-Americans, all Democrats. The number of Democrats is unchanged, although two Republicans will be gone: Allen West, R-Fla., lost his re-election bid, and Tim Scott, R-S.C., was appointed to fill the Senate seat of Jim DeMint, R-S.C., who is retiring. Scott will be the first black lawmaker in the Senate since Roland Burris, who retired in 2010 after filling the Illinois Senate seat of Barack Obama for almost two years. (Text <a href="http://www.huffingtonpost.com/huff-wires/20130103/us-new-congress-glance/">via the Associated Press</a>) <em>(Pictured at left: Rep. Tim Scott, R-S.C., who was appointed by South Carolina Gov. Nikki Haley to replace outgoing Sen. Jim DeMint, R-S.C., walks out of the Republican policy luncheon on Capitol Hill in Washington, Tuesday, Dec. 18, 2012. AP Photo/Susan Walsh)</em>

  • Hispanics

    The new House will have 33 Hispanics, with 25 Democrats and eight Republicans. That's up slightly from last year. The Senate will have three Hispanics: Democrat Robert Menendez of New Jersey, Republican Marco Rubio of Florida and Republican freshman Ted Cruz of Texas. (Text <a href="http://www.huffingtonpost.com/huff-wires/20130103/us-new-congress-glance/">via the Associated Press</a>) <em>(Pictured at left: Rep.-elect Joaquin Castro, D-Texas, speaks with members of the media after a news conference with newly elected Democratic House members on Capitol Hill in Washington, Tuesday, Nov. 13, 2012. AP Photo/Pablo Martinez Monsivais)</em>

  • Other Minorities

    The new House will have nine Asian Americans, all Democrats. There are two American Indians: Tom Cole, R-Okla., and Ben Lujan, D-N.M. (Text <a href="http://www.huffingtonpost.com/huff-wires/20130103/us-new-congress-glance/">via the Associated Press</a>) <em>(Pictured at left: Sen.-elect, current Rep. Mazie Hirono, D-Hawaii, and her husband, Leighton Oshima ride the Senate Subway on Capitol Hill in Washington, Tuesday, Nov. 13, 2012. AP Photo/Harry Hamburg)</em>

  • Other Facts

    According to CQ Roll Call newspaper, the average age of House members in the 113th Congress is 57; the average age of senators is 62. It estimates that the House will include some 277 Protestants and Catholics, 22 Jews, two Muslims and two Buddhists. The Senate will have 80 Protestants and Catholics and 10 Jews. The House will have its first Hindu, Rep.Tulsi Gabbard, D-Hawaii. Senate freshman Mazie Hirono, also of Hawaii, will be the Senate's only Buddhist and its first Asian American woman. Also for the first time, white men will be a minority among House Democrats. (Text <a href="http://www.huffingtonpost.com/huff-wires/20130103/us-new-congress-glance/">via the Associated Press</a>) <em>Pictured at left: Rep.-elect Tulsi Gabbard, D-Hawaii is seen on stage during a news conference with newly elected Democratic House members, on Capitol Hill in Washington, Tuesday, Nov. 13, 2012. AP Photo/Pablo Martinez Monsivais)</em>