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SIFMA today released the following statement from Kenneth E. Bentsen, Jr., after passage of five pieces of legislation by the House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises to clarify, amend or improve specific aspects of the Dodd-Frank Act.
“We thank the subcommittee members for taking necessary action today on these five pieces of legislation that bring clarity to and resolve technical issues with the Dodd-Frank Act. Important legislation to explicitly not set a threshold for the number of quotes needed before a swap can be cleared through a Swap Execution Facility and legislation that would strike the requirement that banks push out their swaps activities, while maintaining that no taxpayer funds could be used to support such activities received bipartisan support. Further, we commend the subcommittee for moving legislation to enhance the cost benefit analysis requirements in rule making. We believe these and the other pieces of legislation should move forward quickly so to provide regulators, markets and market participants with further clarity for the implementation of Dodd-Frank. We look forward to working with the full committee and, more broadly, both the full House and Senate on passing these important pieces of legislation.”
The five pieces of legislation passed by the subcommittee include:
