H.R.1109 - Market Oversight Consolidation and OTC Derivatives Regulation Act108th Congress (2003-2004)
|Sponsor:||Rep. DeFazio, Peter A. [D-OR-4] (Introduced 03/06/2003)|
|Committees:||House - Financial Services; Agriculture|
|Latest Action:||03/17/2003 Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises. (All Actions)|
This bill has the status Introduced
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Subject — Policy Area:
- Finance and Financial Sector
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Summary: H.R.1109 — 108th Congress (2003-2004)All Bill Information (Except Text)
Market Oversight Consolidation and OTC Derivatives Regulation Act - Establishes the Financial Markets Oversight Commission (FMOC) as an independent regulatory commission. Requires a separate division within FMOC with responsibility for functions relating to markets in physical commodities.
Introduced in House (03/06/2003)
Transfers to FMOC all functions of: (1) the Commodity Futures Trading Commission; (2) the Securities and Exchange Commission; and (3) the Board of Governors of the Federal Reserve System pertaining to margin requirements.
Grants the FMOC margin authority with respect to securities and futures.
Establishes in the executive branch the Federal Financial Markets Coordinating Council to: (1) coordinate the regulatory operations of each of the financial oversight agencies represented on the Council; and (2) establish an advisory committee of representatives of the futures, commodities, options, and securities exchanges and the banking industry.
Terminates the Commodity Futures Trading Commission and the Securities and Exchange Commission.
Subjects over-the-counter derivatives dealers and derivatives transactions to the regulatory jurisdiction of the FMOC.
Establishes criminal sanctions for violations of this Act.
Prescribes guidelines for a private right of action against any persons (including officers, directors, governors, and committee members) who willfully aid, abet, counsel, induce, or procure a violation of this Act. Subjects violators to liability for actual and punitive damages in cases of intentional violations. Grants the Federal district courts exclusive jurisdiction of such actions.