Tuesday, February 19, 2013
Legislation Exempting Inter-Affiliate Swaps Is Candidate for Dodd-Frank Corrections Bill
Rep. Steve Stivers (R-OH) has introduced legislation, H.R. 677, exempting inter-affiliate swaps from regulation under Dodd-Frank Act derivatives provisions. The legislation is bi-partisan and is cosponsored by Rep.Marcia Fudge (D-OH) and Rep. Moore (D-WI). The legislation would prevent internal, inter-affiliate swaps from being subject to costly and duplicative regulation. Similar legislation in the 112th Congress, H.R. 2779, passed the House by a vote of 357-36 in March 2012. The U.S. Senate did not take action on the proposal during the 112th Congress. This piece of legislation is an example of the type of legislation that would pass the test laid down by Senate Banking Committee Chair Tim Johnson (D-SD) as broad bi-partisan legislation amending Dodd-Frank that the Senate would consider as part of a corrections bill.