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Inter-Affiliate Swap Clarification Act

3/14/2024, 12:48 PM

Congressional Summary of HR 677

Inter-Affiliate Swap Clarification Act - Amends the Commodity Exchange Act and the Securities Exchange Act of 1934, as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act, to exempt from certain regulatory requirements any swaps and security-based swaps entered into by parties neither of which is a swap dealer or a major swap participant: (1) that is also an insured depository institution, (2) that reports information or prepares financial statements on a consolidated basis, or (3) for which a company affiliated with both parties reports information or prepares financial statements on a consolidated basis.

Requires that such exempted agreements, contracts, or transactions be reported to an appropriate data repository, or, if there is no such repository that would accept them, to: (1) the Commodity Futures Trading Commission (CFTC) in the case of exempted swaps, or (2) the Securities and Exchange Commission (SEC) in the case of exempted security-based swaps.

Current Status of Bill HR 677

Bill HR 677 is currently in the status of Bill Introduced since February 13, 2013. Bill HR 677 was introduced during Congress 113 and was introduced to the House on February 13, 2013.  Bill HR 677's most recent activity was Ordered to be Reported (Amended) by the Yeas and Nays: 50 - 10. as of May 7, 2013

Bipartisan Support of Bill HR 677

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
11
Democrat Cosponsors
5
Republican Cosponsors
6
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 677

Primary Policy Focus

Finance and Financial Sector

Potential Impact Areas

- Banking and financial institutions regulation
- Commodities markets
- Financial services and investments
- Government information and archives
- Securities

Alternate Title(s) of Bill HR 677

Inter-Affiliate Swap Clarification Act
Inter-Affiliate Swap Clarification Act
To exempt inter-affiliate swaps from certain regulatory requirements put in place by the Dodd-Frank Wall Street Reform and Consumer Protection Act.

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