The US congress will remove the exemption for foreign exchange swaps when it pushes through two trading reform bills that will create a new central clearing system for all over-the-counter derivatives.In an exclusive interview with Risk magazine, the House Financial Services Committee chairman Barney Frank said the exemption on forex swaps and forwards will be removed from the bill as it passes through the House of Representatives in December."The administration had asked for that amendment, but we are going to take away the exemption for foreign currency [swaps and forwards]. That will happen in the bill on the house floor," he explained.He added that the decision has been made to align legislation with draft reforms currently being drawn up by the European Union.FT Alphaville reports the announcement has not been met kindly by forex bankers, who have warned that the new legislation will create new systemic risks.