[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1838 Reported in House (RH)]
Union Calendar No. 508
112th CONGRESS
2d Session
H. R. 1838
[Report No. 112-476, Part I]
To repeal a provision of the Dodd-Frank Wall Street Reform and Consumer
Protection Act prohibiting any Federal bailout of swap dealers or
participants.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
May 11, 2011
Ms. Hayworth introduced the following bill; which was referred to the
Committee on Financial Services, and in addition to the Committee on
Agriculture, for a period to be subsequently determined by the Speaker,
in each case for consideration of such provisions as fall within the
jurisdiction of the committee concerned
May 11, 2012
Reported from the Committee on Financial Services with amendments
[Strike out all after the enacting clause and insert the part printed
in italic]
May 11, 2012
Referral to the Committee on Agriculture extended for a period ending
not later than May 30, 2012
May 30, 2012
Referral to the Committee on Agriculture extended for a period ending
not later than July 16, 2012
July 16, 2012
Referral to the Committee on Agriculture extended for a period ending
not later than September 14, 2012
September 14, 2012
Referral to the Committee on Agriculture extended for a period ending
not later than November 16, 2012
November 16, 2012
The Committee on Agriculture discharged; committed to the Committee of
the Whole House on the State of the Union and ordered to be printed
_______________________________________________________________________
A BILL
To repeal a provision of the Dodd-Frank Wall Street Reform and Consumer
Protection Act prohibiting any Federal bailout of swap dealers or
participants.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
<DELETED>SECTION 1. REPEAL.</DELETED>
<DELETED> Section 716 of the Dodd-Frank Wall Street Reform and
Consumer Protection Act (15 U.S.C. 8305) is repealed.</DELETED>
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Swaps Bailout Prevention Act''.
SEC. 2. REFORM OF PROHIBITION ON SWAP ACTIVITY ASSISTANCE.
Section 716 of the Dodd-Frank Wall Street Reform and Consumer
Protection Act (15 U.S.C. 8305) is amended--
(1) in subsection (b), by adding at the end the following:
``(3) Covered depository institution.--The term `covered
depository institution' means--
``(A) an insured depository institution; and
``(B) a United States uninsured branch or agency of
a foreign bank that has a prudential regulator.'';
(2) in subsection (c)--
(A) in the heading for such subsection, by striking
``insured'' and inserting ``covered'';
(B) by striking ``an insured'' and inserting ``a
covered'';
(C) by striking ``such insured'' and inserting
``such covered''; and
(D) by striking ``or savings and loan holding
company'' and inserting ``savings and loan holding
company, or foreign banking organization (as such term
is defined under Regulation K (12 C.F.R. 211.21(o)))'';
(3) by amending subsection (d) to read as follows:
``(d) Only Bona Fide Hedging and Traditional Bank Activities
Permitted.--
``(1) In general.--The prohibition in subsection (a) shall
not apply to any covered depository institution that limits its
swap and security-based swap activities to the following:
``(A) Hedging and other similar risk mitigation
activities.--Hedging and other similar risk mitigating
activities directly related to the covered depository
institution's activities.
``(B) Non-structured finance swap activities.--
Acting as a swaps entity for swaps or security-based
swaps other than a structured finance swap.
``(C) Certain structured finance swap activities.--
Acting as a swaps entity for swaps or security-based
swaps that are structured finance swaps, if--
``(i) such structured finance swaps are
undertaken for hedging or risk management
purposes; or
``(ii) each asset-backed security
underlying such structured finance swaps is of
a credit quality and of a type or category with
respect to which the prudential regulators have
jointly adopted rules authorizing swap or
security-based swap activity by covered
depository institutions.
``(2) Definitions.--For purposes of this subsection:
``(A) Structured finance swap.--The term
`structured finance swap' means a swap or security-
based swap based on an asset-backed security (or group
or index primarily comprised of asset-backed
securities).
``(B) Asset-backed security.--The term `asset-
backed security' has the meaning given such term under
section 3(a) of the Securities Exchange Act of 1934 (15
U.S.C. 78c(a)).'';
(4) in subsection (e), by striking ``an insured'' and
inserting ``a covered'';
(5) in subsection (f)--
(A) by striking ``an insured'' and inserting ``a
covered''; and
(B) by striking ``the insured'' each place such
term appears and inserting ``the covered'';
(6) in subsection (g), by striking ``insured'' and
inserting ``covered'';
(7) in subsection (m), by striking ``An insured'' and
inserting ``A covered''; and
(8) by adding at the end the following:
``(n) Foreign Swap Activity.--
``(1) In general.--This section shall not apply to swap or
security-based swap activity conducted outside the United
States with a non-U.S. counterparty by a non-U.S. swaps entity.
``(2) Definitions.--For purposes of this subsection, the
terms `non-U.S. swaps entity' and `non-U.S. counterparty' mean
a swaps entity or counterparty, respectively, that is licensed,
in the case of a foreign branch of a United States depository
institution, or organized under the laws of a jurisdiction
outside the United States.''.
Amend the title so as to read: ``A bill to amend provisions
in section 716 of the Dodd-Frank Wall Street Reform and
Consumer Protection Act relating to Federal assistance for
swaps entities.''.
Union Calendar No. 508
112th CONGRESS
2d Session
H. R. 1838
[Report No. 112-476, Part I]
_______________________________________________________________________
A BILL
To repeal a provision of the Dodd-Frank Wall Street Reform and Consumer
Protection Act prohibiting any Federal bailout of swap dealers or
participants.
_______________________________________________________________________
November 16, 2012
The Committee on Agriculture discharged; committed to the Committee of
the Whole House on the State of the Union and ordered to be printed