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.
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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 concernedCommentsClose CommentsPermalink
SECTION 1. SHORT TITLE.
SEC. 2. REFORM OF PROHIBITION ON SWAP ACTIVITY ASSISTANCE.
(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)))’; CommentsClose CommentsPermalink
‘(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: CommentsClose CommentsPermalink
‘(A) HEDGING AND OTHER SIMILAR RISK MITIGATION ACTIVITIES- Hedging and other similar risk mitigating activities directly related to the covered depository institution’s activities. CommentsClose CommentsPermalink
‘(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. CommentsClose CommentsPermalink
‘(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). CommentsClose CommentsPermalink
‘(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 (
).’; CommentsClose CommentsPermalink 15 U.S.C. 78c(a)
‘(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. CommentsClose CommentsPermalink
‘(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.’. CommentsClose CommentsPermalink
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.’.CommentsClose CommentsPermalink