The Depository Trust & Clearing Corporation (DTCC) General Counsel Larry Thompson today issued the following statement in response to the U.S. House of Representatives Financial Services Committee passage of the Swap Data Repository and Clearinghouse Indemnification Correction Act of 2013 (H.R. 742):
“DTCC applauds the Committee for helping ensure regulators continue to have access to a global set of over-the-counter (OTC) derivatives data – an essential component of systemic risk oversight and mitigation. Today’s unanimous vote of support for H.R. 742 is another key step in resolving issues surrounding the indemnification provisions and confidentiality requirements of the Dodd-Frank Act. DTCC commends Congressmen Crawford, Huizenga, S.P. Maloney and Moore for their dedication in leading this effort. The bipartisan legislation, which was unanimously approved by the House Agriculture Committee in March, represents the only viable solution to the unintended consequences of indemnification and helps ensure regulators and the public obtain a consolidated and accurate view of the global marketplace. DTCC urges Congress to move swiftly to enact H.R. 742 and help create a more stable and secure financial system.”
