Congressmen Scott Garrett (R-NJ), Chairman of the Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, John Carney (D-DE), Mike Conaway (R-TX), and David Scott (D-GA) introduced H.R. 1256, The Swap Jurisdictional Certainty Act, to ensure 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.
"The American people--millions still unable to find work--deserve certainty in the marketplace," said Garrett. "Our job creators--millions being crushed by overly burdensome Washington rules and regulations--deserve to be on a fair, level playing field with the international community. This common-sense, bipartisan bill would achieve both these ends. I applaud my colleagues for their support of this bill, and I look forward to its swift passage."
"For the last two years, I've been working with my colleagues to make the financial system stronger and help our economy recover and grow," said Carney. "As we work to implement the provisions of Dodd-Frank, Congress and regulators must ensure that we're protecting American consumers, ending future bailouts, and maintaining American competitiveness in an increasingly global economy. This legislation will give U.S. companies the certainty they need to compete overseas, while maintaining important provisions from Dodd-Frank that will increase transparency in the U.S. derivatives market."
"This bipartisan bill will provide clarity on the territorial reach of Dodd-Frank," said Conaway. "Providing this certainty will not only help market participants prepare for the new regulations but will support coordination and harmonization with our international counterparts."