Swap Data Repository and Clearinghouse Indemnification Correction Act of 2015
Latest action · Jul 15, 2015 Received in the Senate and Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
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.
- IntroducedApr 16, 2015
- Passed HouseJul 14, 2015
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Swap Data Repository and Clearinghouse Indemnification Correction Act of 2015
Amends the Commodity Exchange Act, with respect to derivatives clearing organizations and swap data repositories, to repeal the prerequisite that, before the Commodity Futures Trading Commission (CFTC) may share information with specified regulatory agencies, such agencies must agree to indemnify the CFTC for expenses arising from litigation relating to information so provided.
Amends the Securities Exchange Act of 1934 to repeal similarly the prerequisite that, before a security-based swap data repository may share information with specified regulatory entities, such entities must agree to indemnify both such repository and the Securities and Exchange Commission (SEC) for expenses arising from litigation relating to information so provided.
Amends both the CEA and the SEA to require a swap or security-based swap data repository, on a confidential basis and after notification to the CFTC or the SEC, as appropriate, to make only swap or security-based swap data (currently, all data) it has obtained available to specified regulatory authorities, including other foreign authorities in addition to foreign financial supervisors, foreign central banks, and foreign ministries.
Makes these amendments effective as if enacted as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act on July 21, 2010.
Cosponsors 3
Members who signed on, in the order they did. All signed on Apr 16, 2015.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-MI | Bill Huizenga | Original | Apr 16, 2015 |
| D-WI | Gwen Moore | Original | Apr 16, 2015 |
| D-NY | Sean Patrick Maloney | Original | Apr 16, 2015 |
Committees 3
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Agriculture Committee | Referred Apr 16, 2015Discharged Jul 14, 2015 |
| Commodity Markets, Digital Assets, and Rural Development Subcommittee | Referred May 5, 2015 | |
| House | Financial Services Committee | Referred Apr 16, 2015Markup May 20, 2015Reported Jul 14, 2015 |
| Capital Markets Subcommittee | Hearings Apr 29, 2015 | |
| Senate | Agriculture, Nutrition, and Forestry Committee | Referred Jul 15, 2015 |
Actions 15
Everything that happened, newest first.
- Jul 15, 2015Received in the Senate and Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
- Jul 14, 2015Reported (Amended) by the Committee on Financial Services. H. Rept. 114-202, Part I.
- Jul 14, 2015Committee on Agriculture discharged.
- Jul 14, 2015Placed on the Union Calendar, Calendar No. 151.
- Jul 14, 2015Mr. Hurt (VA) moved to suspend the rules and pass the bill, as amended.
- Jul 14, 2015Considered under suspension of the rules. (consideration: CR H5145-5147)
- Jul 14, 2015DEBATE - The House proceeded with forty minutes of debate on H.R. 1847.
- Jul 14, 2015Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H5145-5146)
- Jul 14, 2015Motion to reconsider laid on the table Agreed to without objection.
- May 20, 2015Committee Consideration and Mark-up Session Held.
- May 20, 2015Ordered to be Reported (Amended) by the Yeas and Nays: 60 - 0.
- May 5, 2015Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
- Apr 29, 2015Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.
- Apr 16, 2015Introduced in House
- Apr 16, 2015Referred to the Committee on Agriculture, and in addition to the Committee on Financial Services, 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 concerned.
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 |
|---|---|---|---|
| House | Debate and remarks H5145–H5147Text printed H5145 | Austin Scott R-GA, Eric A. "Rick" Crawford R-AR, Gwen Moore D-WI, Maxine Waters D-CA, Robert Hurt R-VA | Jul 14, 2015 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Committee report
Congressional Budget Office cost estimate
- Jun 18, 2015H.R. 1847, Swap Data Repository and Clearinghouse Indemnification Correction Act of 2015As ordered reported by the House Committee on Financial Services on May 20, 2015
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 161, no. 55, April 16, 2015, page H2309.
Printed hearings 1
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| Serial No. 114-24 | DODD-FRANK TURNS FIVE: ASSESSING THE PROGRESS OF GLOBAL DERIVATIVES REFORMS106 pages | Agriculture Committee | Jul 29, 2015 |
CRS reports 2
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 2
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| R44231 | Commodity Futures Trading Commission: Proposed Reauthorization in the 114th Congress Archived | Report | Aug 3, 2016 |
| R44351 | Derivatives: Introduction and Legislation in the 114th Congress Archived | Report | Jul 1, 2016 |
Related bills 4
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 37 | Promoting Job Creation and Reducing Small Business Burdens Act | Related bill | Jan 16, 2015 |
| S 1560 | A bill to amend the Commodity Exchange Act to provide end-users with a reasonable amount of time to meet their margin requirements and to repeal certain indemnification requirements for regulatory authorities to obtain access to swap data required to be provided by swaps entities. | Related bill | Jun 11, 2015 |
| S 1910 | Financial Services and General Government Appropriations Act, 2016 | Related bill | Jul 30, 2015 |
| S 2132 | An Act Making Appropriations to Stop Regulatory Excess and for Other Purposes, 2016 | Related bill | Oct 6, 2015 |
Titles 4
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Securities Exchange Act of 1934 and the Commodity Exchange Act to repeal the indemnification requirements for regulatory authorities to obtain access to swap data required to be provided by swaps entities under such Acts.
- Short Titles as Introduced
- Swap Data Repository and Clearinghouse Indemnification Correction Act of 2015
- Short Titles as Reported to House
- Swap Data Repository and Clearinghouse Indemnification Correction Act of 2015
- Short Titles as Passed House
- Swap Data Repository and Clearinghouse Indemnification Correction Act of 2015
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 4
Each version as it was printed, newest first.
- Jul 15, 2015Referred in Senate
- Jul 14, 2015Reported in House
- Jul 14, 2015Engrossed in House
- Apr 16, 2015Introduced in House
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.
