Today, Congresswoman Joyce Beatty (OH-3) offered an amendment to the Financial Competitive Act of 2013, H.R. 1341, in the House Committee on Financial Services. The bill, with the Beatty amendment, was favorably reported to the House floor by unanimous recorded vote.
H.R. 1341 would require the Financial Services Oversight Council (FSOC) to conduct a study and produce a report of the likely effects of the differences between U.S. and foreign jurisdictions in implementing the derivatives credit valuation adjustment. As introduced, it was not clear that the FSOC was required to consider its mandate to identify risks and respond to emerging threats to financial stability. Therefore, this amendment ensures that in its final report to Congress, the FSOC balances the need for harmonization of banking regulations with its overarching objective of preserving stability in U.S. capital markets.
"I believe that this amendment would make certain that in completing its "Financial Competitive Act" study, the FSOC considers the costs of not just taking regulatory action, but also the costs of failing to do so as well. I'm glad we could strengthen H.R. 1341 by requiring that Financial Stability Oversight Council keep in mind its mandate to identify risks and respond to emerging threats to financial stability."
"It was a pleasure to work across the aisle to pass my first amendment in Congress as a freshman and I am proud it passed unanimously in a bipartisan fashion. I look forward to working in a similar way with my colleagues on the Committee in the future."