Friday, December 19, 2014

113th Congress: Many House-Passed Dodd-Frank Corrections Bills Were Never Taken Up by the Senate

The below pieces of legislation amending the Dodd-Frank Act passed the House in the 113th Congress by a bi-partisan vote, sometimes an overwhelming bi-partisan vote, but were never taken up the Senate.

Swap Data Repository and Clearinghouse Indemnification Act Correction Act, H.R. 742: Passed House 420-2 on June 12, 2013. Removes an indemnification requirement imposed on foreign regulators by the Dodd-Frank Act as a condition of obtaining access to data repositories.

Swap Jurisdiction Certainty Act, H.R. 1256: Passed House 301-124 on June 12, 2013. Directs the SEC and CFTC to adopt joint regulations on cross-border derivatives transactions under the Dodd-Frank Act.

SBIC Advisers Relief Act, H.R. 4200: Passed House by voice vote on December 2, 2014. Fixes unintended consequence of Dodd-Frank Act by exempting from SEC registration advisers to both small business investment companies and venture capital funds. (bill was included as Title IX of omnibus Job Creation and Reducing Small Business Burdens Act, H.R. 5405, which passed House by vote of 320-102 on September 16, 2014).

Small Business Capital Access and Job Preservation Act, H.R. 1105: Passed House by a vote of 254-159 on December 4, 2013: Exempts advisers to private equity funds from SEC registration so long as they are not over-leveraged. (bill was included as Division II, Title I of the omnibus Jobs for America Act, H.R. 4, which passed House by a vote of 253-163 on September 18, 2014).

Financial Competitive Act, H.R. 1341: Passed House 353-24 on June 21, 2013. Requires the Financial Stability Oversight Council to study the likely effects that will result from differences between the U.S. and non-U.S. jurisdictions’ implementation of the derivative credit valuation adjustment (CVA) capital requirement.

H.R. 5471: Passed House by voice vote on December 2, 2014. Clarifies the Dodd-Frank Act’s treatment of affiliates of non-financial firms that use a central treasury unit (CTU) as a risk-reducing, best practice to centralize and net the hedging needs of affiliates. (bill was included as Title II of omnibus Job Creation and Reducing Small Business Burdens Act, H.R. 5405, which passed House by vote of 320-102 on September 16, 2014).

Restoring Proven Financing for American Employers Act, H.R. 4167: Passed House by voice vote on April 29, 2014. Prohibits the Volcker Rule from being construed to require divestiture of debt securities of collateralized loan obligations. (bill was included as Title VIII of omnibus Job Creation and Reducing Small Business Burdens Act, H.R. 5405, which passed House by vote of 320-102 on September 16, 2014). (bill was included as Title II of H.R. 5461, which passed the House by a vote of 327-97 on September 16, 2014).