H.R. 2586 (112th): Swap Execution Facility Clarification Act

Introduced:
Jul 19, 2011 (112th Congress, 2011–2013)
Sponsor:
Rep. Scott Garrett [R-NJ5]
Status:
Died (Reported by Committee)

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on November 30, 2011, in a previous session of Congress, but was not enacted.

Progress
Introduced Jul 19, 2011
Referred to Committee Jul 19, 2011
Reported by Committee Jul 19, 2011
Referred to Committee Aug 22, 2011
Reported by Committee Nov 30, 2011
Cosponsors
8 cosponsors (5R, 3D) (show)
Committees

House Agriculture

House Financial Services

The committee chair determines whether a bill will move past the committee stage.

Full Title

To refine the definition of swap execution facility in the provisions regulating swap markets added by title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Summary

No summaries available.

Text

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Last updated Jul 19, 2011.
10 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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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.

2/8/2012. Amends the Commodity Exchange Act to prohibit the Commodity Futures Trading Commission (CFTC), in interpreting or defining a "security-based swap execution facility," from requiring it to:
(1) have a minimum number of participants receive a bid or offer or respond to any trading system or platform functionality,
(2) display or delay bids or offers for any period of time,
(3) limit the means of interstate commerce used by market participants to enter into and execute swap transactions on the trading system or platform, or
(4) require bids or offers on one trading system or platform operated by the swap execution facility to interact with bids or offers on another trading system or platform operated by that facility.
Amends the Securities Exchange Act of 1934 to prohibit the Securities and Exchange Commission (SEC), in interpreting or defining a "security-based swap execution facility," from requiring such a facility to do any of the things the CFTC is prohibited by this Act from requiring, with the exception that the SEC may not require such a facility to limit the means of interstate commerce used by market participants to enter into and execute security-based swap transactions on the method of trading functionality.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)

Other Citations

  • 44 U.S.C. Chapter 35