H.R.992 - Swaps Regulatory Improvement Act113th Congress (2013-2014)
|Sponsor:||Rep. Hultgren, Randy [R-IL-14] (Introduced 03/06/2013)|
|Committees:||House - Financial Services; Agriculture | Senate - Banking, Housing, and Urban Affairs|
|Committee Reports:||H. Rept. 113-229,Part 1; H. Rept. 113-229,Part 2|
|Latest Action:||Senate - 10/31/2013 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
|Roll Call Votes:||There have been 2 roll call votes|
This bill has the status Passed House
Here are the steps for Status of Legislation:
- Passed House
Text: H.R.992 — 113th Congress (2013-2014)All Information (Except Text)
Text available as:
Referred in Senate (10/31/2013)
Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs
To amend provisions in section 716 of the Dodd-Frank Wall Street Reform and Consumer Protection Act relating to Federal assistance for swaps entities.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
This Act may be cited as the “Swaps Regulatory Improvement Act”.
Section 716 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (15 U.S.C. 8305) is amended—
(A) in paragraph (2)(B), by striking “insured depository institution” and inserting “covered depository institution”; and
(B) by adding at the end the following:
“(A) an insured depository institution, as that term is defined in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813); and
“(B) a United States uninsured branch or agency of a foreign bank.”;
(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 of the Board of Governors of the Federal Reserve System (12 C.F.R. 211.21(o)))”;
(3) by amending subsection (d) to read as follows: “(A) HEDGING AND OTHER SIMILAR RISK MITIGATION ACTIVITIES.—Hedging and other similar risk mitigating activities directly related to the covered depository institution's activities.
“(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.
“(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.
“(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”; and
(A) by striking “an insured depository” and inserting “a covered depository”; and
(B) by striking “the insured depository” each place such term appears and inserting “the covered depository”.
Passed the House of Representatives October 30, 2013.
|Attest:||karen l. haas,|