US government have been looked over plans to reform the US financial markets and regulation since Lehman Brothers filed bankruptcy protection. The passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Bill”) is the fruit of such efforts. The Bill also represents the most ambitious and thorough regulatory reform of the laws governing the financial industry since the Great Depression. This article reviews on the regulatory reform of OTC derivatives regulations in the Bill, and expecially focus on the Title Ⅶ - Wall Street Transparency and Accountability of the Bill. The Bill requires most derivatives trades, those that are standardized, to be cleared through a central clearinghouse and be exchange-traded. The Bill imposes more stringent capital and margin requirements on those derivatives trades that are not required to be traded on an exchange. The Bill also prohibits financial transactions which are contrary to public interests. In connection with the listing of financial transactions, CFTC may determine that such transactions that are contrary to the public interest especially, if the transactions involve terrorism, assassination, war, gaming etc. This article is organized in six parts. Part Ⅱ provides the purpose and the major contents of the Bill. Part Ⅲ examines the mandatory clearing of swaps, and reporting transition rules. Part Ⅳ review swap transactions contrary to public interest and the power of CFTC which will determine such transactions that are contrary to the public interests, then in turn, in the part of Ⅴ, address the power and cooperation procedure between CFTC and SEC over the OTC derivatives markets. Part Ⅵ reviews the swap push out rules and carbon market regulations. Part Ⅶ presents the direction for the prospective of Korea's OTC derivatives policy and regulations.