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Swap Data Repository and Clearinghouse Indemnification Correction Act of 2013

Floor Speech

By:
Date:
Location: Washington, DC

BREAK IN TRANSCRIPT

Ms. MOORE. Again, I do want to thank Mr. Scott, and I yield myself such time as I may consume.

I am so delighted to be the lead cosponsor on the Democratic side of the Financial Services Committee of this critical legislation. However, I do want to thank all of my colleagues on both the Ag Committee and the Financial Services Committee for their leadership and support on this nuanced, but important, legislation. It really took the hard work of a bipartisan group of members and staff to get this bill to this point.

H.R. 742, the Swap Data Repository and Clearing House Indemnification Correction Act, strikes the mandate that global regulators indemnify U.S.-based SDRs and regulators from liability in order to access swap trade data in U.S.-based SDRs.

Mr. Scott and Mr. Crawford have done a fantastic job in walking through the details of this bill. I just want to add, Madam Speaker, that striking this indemnification provision does not compromise the new legal framework for the swap markets enacted in Dodd-Frank, nor does it erode any other important market protections. In fact, H.R. 742 ensures the functioning of the newly enacted swap regime and the ability of swap data repositories to function as intended.

The bill passed both the House Financial Services and Ag Committees without opposition. The bill is supported by consumer advocacy groups as well as by business groups. In testimony before the Financial Services Committee, the Securities and Exchange Commission said of the bill:

The SEC recommends that Congress consider removing the indemnification requirement added by the Dodd-Frank Act ..... the indemnification requirement interferes with access to essential information, including information about the cross-border OTC derivatives markets.

H.R. 742 ensures information regarding the global swap market will be available to U.S. and foreign regulators, which will enhance the global transparency and oversight of derivatives markets.

I reserve the balance of my time.

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