U.S. Congress - H.R.1838 Swaps Bailout Prevention Act
H.R.1838 - Swaps Bailout Prevention Act
To repeal a provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act prohibiting any Federal bailout of swap dealers or participants. view all titles (2)
All Bill Titles
- Short: Swaps Bailout Prevention Act as reported to house.
- Official: To repeal a provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act prohibiting any Federal bailout of swap dealers or participants. as introduced.
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Official Summary
5/11/2012--Reported to House amended, Part I. Swaps Bailout Prevention Act - Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to revise the prohibition against federal government assistance to (bailouts of) registered swap dealers, security-based swap dealers, major swaOfficial Summary
5/11/2012--Reported to House amended, Part I. Swaps Bailout Prevention Act - Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to revise the prohibition against federal government assistance to (bailouts of) registered swap dealers, security-based swap dealers, major swap participants, or major security-based swap participants with respect to any swap, security-based swap, or other activity. Extends the meaning of "covered depository institution" to include an uninsured U.S. branch or agency of a foreign bank that has a prudential regulator as well as an insured depository institution (as covered by current law). Repeals the application of this prohibition to any insured depository institution unless it limits its swap or security-based swap activities to:(1) hedging and other similar risk mitigating activities directly related to the institution's activities;
(2) acting as a swaps entity for swaps or security-based swaps involving rates or reference assets permissible for investment by a national bank; or
(3) acting as a swaps entity for credit default swaps, including swaps or security-based swaps involving the credit risk of asset-backed securities, but only if they are cleared by a derivatives clearing organization under the Commodity Exchange Act, or a clearing agency registered, or exempt from registration, as a derivatives clearing organization, or as a clearing agency under the Securities Exchange Act. Replaces these requirements for exemption from the prohibition with a declaration that the prohibition against federal assistance to swaps entities shall not apply to a covered depository institution that limits swap and security-based swap activities to:
(1) hedging and similar risk mitigating activities directly related to the institution's activities, or
(2) acts as a swaps entity for swaps or security-based swaps other than a structured finance swap. Defines "structured finance swap" as a swap or security-based swap based on an asset-backed security (or group or index primarily composed of asset-backed securities). Exempts also from the prohibition against federal assistance to swaps entities any covered depository institution that acts as a swaps entity for structured finance swaps or security-based swaps if:
(1) they are undertaken for hedging or risk management purposes; or
(2) each asset-backed security underlying such structured finance swaps is of a credit quality and of a type or category authorized by the prudential regulators. Exempts from the prohibition entirely any swap or security-based swap activity conducted outside the United States with a non-U.S. counterparty by a non-U.S. swaps entity licensed, in the case of a foreign branch of a U.S. depository institution, or organized under the laws of a jurisdiction outside the United States.
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Latest Letters to Congress
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H.R.1838 Swaps Bailout Prevention Act
dm4goooh
November 27, 2012
I oppose H.R.1838 - Swaps Bailout Prevention Act, and am tracking it using OpenCongress.org, the free public resource website for government transparency and accountability.
I oppose H.R. 1838: Swaps Bailout Prevention Act because the derivatives market coupled with the unmitigated greed of over zealous realty organizations is the primary reason this country has suffered the greatest financial setback since the great depression. We should not encourage in any way any investment activity in wh... -
H.R.1838 Swaps Bailout Prevention Act
PDunnahoo
November 26, 2012
I am writing as your constituent in the 25th Congressional district of Texas. I oppose H.R.1838 - Swaps Bailout Prevention Act, and am tracking it using OpenCongress.org, the free public resource website for government transparency and accountability.
Sincerely,
Pat Dunnahoo -
H.R.1838 Swaps Bailout Prevention Act
PoliticalJunkie1
November 24, 2012
I am writing as your constituent in the 4th Congressional district of Kentucky. I oppose H.R.1838 - Swaps Bailout Prevention Act, and am tracking it using OpenCongress.org, the free public resource website for government transparency and accountability.
I know that bailing out companies do to their destructive behavior is costly, be we simply cannot allow them to go under, causing people to lose their jobs, just to save money. My personal opinion is that we can prevent having to bailout ...
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