H.R. 992: Swaps Regulatory Improvement Act

Introduced:
Mar 06, 2013 (113th Congress, 2013–2015)
Sponsor:
Rep. Randy Hultgren [R-IL14]
Status:
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

The committees assigned to this bill sent it to the House or Senate as a whole for consideration on March 20, 2013.

Progress
Introduced Mar 06, 2013
Referred to Committee Mar 06, 2013
Reported by Committee Mar 20, 2013
Passed House ...
Passed Senate ...
Signed by the President ...
Prognosis

79% chance of being enacted.

Only 28% of House bills that made it past committee in 2011–2013 were enacted. [show factors | methodology]

Cosponsors
8 cosponsors (4R, 4D) (show)
Committees

House Agriculture

House Financial Services

↪ Capital Markets and Government Sponsored Enterprises

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

Full Title

To amend provisions in section 716 of the Dodd-Frank Wall Street Reform and Consumer Protection Act relating to Federal assistance for swaps entities.

Summary

No summaries available.

Text

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Last updated Mar 06, 2013.
5 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.

3/6/2013--Introduced.
Swaps Regulatory Improvement Act - Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to extend the exemption from the prohibition against federal government government assistance to (bailouts of) swaps entities to any major swap participant or major security-based swap participant that is a U.S. uninsured branch or agency of a foreign bank.
Declares the prohibition against federal government bailouts of swaps entities inapplicable to:
(1) a foreign banking organization supervised by the Federal Reserve; and
(2) an insured depository institution or a U.S. uninsured branch or agency of a foreign bank that limits its swap and security-based swap activities to hedging and similar risk mitigating activities (as under current law), non-structured finance swap activities, and certain structured finance swap activities.
Repeals the exemption from the prohibition for any insured depository institution that limits its swap and security-based swap activities to acting as a swaps entity for:
(1) swaps or security-based swaps involving rates or reference assets that are permissible for investment by a national bank; or
(2) credit default swaps, including those referencing the credit risk of asset-backed securities unless they are cleared by a derivatives clearing organization or a clearing agency registered, or exempt from registration, under the Commodity Exchange Act or the Securities Exchange Act.

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

United States Code

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