Rep. Scott Garrett (R-NJ), Chairman of the Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, applauded passage of H.R. 1256, the Swap Jurisdictional Certainty Act, by the House Agriculture Committee today by a unanimous voice vote. Yesterday, Rep. Garrett was joined by Rep. John Carney (D-DE), Mike Conaway (R-TX), and David Scott (D-GA) to introduce H.R. 1256 in the House of Representatives. The Swap Jurisdictional Certainty Act would ensure that United States-based financial companies are placed on a level playing field with their international counterparts. The bill would require that any Cross-Border rules go through a formal rulemaking process; neither the SEC nor the CFTC can finalize their Cross-Border rules unless both agencies' rules are identical; and foreign countries with broadly equivalent regulatory regimes for their swaps markets, which are honoring their G20 commitments, not be subject to U.S. rules.
"I'm very pleased that the House Committee on Agriculture passed our common sense, bipartisan legislation to protect U.S. competitiveness today. This was an important first step. The Financial Services Committee will now act quickly and move this bill forward."