One year after financial markets faltered worldwide, U.S. lawmakers are determined to write a softer package of regulatory reforms than those requested by the Obama administration.

"End users" such as airlines and utilities would not be required to process their swaps through clearinghouses, for instance. Nor would banks be required to offer "plain vanilla" versions of financial products, such as mortgages with simple terms.

Both ideas were part of a panoramic set of reforms proposed by the White House.