GovTrack’s Bill Summary
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Library of Congress Summary
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
5/11/2012. Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to revise the prohibition against federal government assistance to (bailouts of) registered swap dealers, security-based swap dealers, major swap participants, or major security-based swap participants with respect to any swap, security-based swap, or other activity.
Extends the meaning of "covered depository institution" to include an uninsured U.S. branch or agency of a foreign bank that has a prudential regulator as well as an insured depository institution (as covered by current law).
Repeals the application of this prohibition to any insured depository institution unless it limits its swap or security-based swap activities to:
(1) hedging and other similar risk mitigating activities directly related to the institution's activities;
(2) acting as a swaps entity for swaps or security-based swaps involving rates or reference assets permissible for investment by a national bank; or
(3) acting as a swaps entity for credit default swaps, including swaps or security-based swaps involving the credit risk of asset-backed securities, but only if they are cleared by a derivatives clearing organization under the Commodity Exchange Act, or a clearing agency registered, or exempt from registration, as a derivatives clearing organization, or as a clearing agency under the Securities Exchange Act. Replaces these requirements for exemption from the prohibition with a declaration that the prohibition against federal assistance to swaps entities shall not apply to a covered depository institution that limits swap and security-based swap activities to:
(1) hedging and similar risk mitigating activities directly related to the institution's activities, or
(2) acts as a swaps entity for swaps or security-based swaps other than a structured finance swap.
Defines "structured finance swap" as a swap or security-based swap based on an asset-backed security (or group or index primarily composed of asset-backed securities).
Exempts also from the prohibition against federal assistance to swaps entities any covered depository institution that acts as a swaps entity for structured finance swaps or security-based swaps if:
(1) they are undertaken for hedging or risk management purposes; or
(2) each asset-backed security underlying such structured finance swaps is of a credit quality and of a type or category authorized by the prudential regulators.
Exempts from the prohibition entirely any swap or security-based swap activity conducted outside the United States with a non-U.S. counterparty by a non-U.S. swaps entity licensed, in the case of a foreign branch of a U.S. depository institution, or organized under the laws of a jurisdiction outside the United States.
House Republican Conference Summary
The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.
No summary available.
House Democratic Caucus Summary
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So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.
We’ll be looking for a source of summaries from the other side in the meanwhile.