Financial Regulation Reform Act of 2008
Latest action · Nov 19, 2008 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedNov 19, 2008
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Financial Regulation Reform Act of 2008 - Amends the Commodity Exchange Act to: (1) subject credit-default swap trading clearinghouses to regulation by the Commodity Futures Trading Commission (CFTC); and (2) direct the CFTC to set reporting and recordkeeping requirements for positions involving credit-default swaps.
Grants the Federal Reserve Board authority over investment-bank holding companies.
Directs the Securities and Exchange Commission (SEC) to issue final rules to: (1) designate clearinghouses for credit-default swaps; and (2) prohibit fraudulent, deceptive, or manipulative acts or practices in connection with such swaps.
Establishes a temporary Commission on Financial Regulatory Reform to review the financial regulatory structure and propose a comprehensive framework for fundamental reform of financial regulation in the United States.
Cosponsors
Members who signed on, in the order they did.
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Banking, Housing, and Urban Affairs Committee | Referred Nov 19, 2008 |
Actions 3
Everything that happened, newest first.
- Nov 19, 2008Introduced in Senate
- Nov 19, 2008Sponsor introductory remarks on measure. (CR 11/17/2008 S10549-10550)
- Nov 19, 2008Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
In the Congressional Record 1
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| Senate | Debate and remarks S10549 | Susan M. Collins R-ME | Nov 17, 2008 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to amend the Commodity Exchange Act to require reporting and recordkeeping for positions involving credit-default swaps, to grant the Federal Reserve Board authority over investment-bank holding companies, and for other purposes.
- Short Titles as Introduced
- Financial Regulation Reform Act of 2008
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Administrative procedure
- Bank holding companies
- Commodity exchanges
- Commodity Futures Trading Commission
- Federal advisory bodies
- Federal Reserve System
- Finance and Financial Sector
- Futures trading
- Government Operations and Politics
- Independent regulatory commissions
- Investment banking
- Law
- Securities and Exchange Commission
- Securities fraud
- Swaps (Finance)
Text 1
Each version as it was printed, newest first.
- Nov 19, 2008Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
