Legislative Activity

House to Vote on Dodd-Frank Reforms

As noted last Friday, the House failed to pass an 11-bill package (H.R. 37, the Promoting Job Creation and Reducing Small Business Burdens Act) under suspension of the rules, which would amend various provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).  This week, the House will consider the package of bills under regular order, which only requires a simple majority vote. The package includes a bill that would delay the Volcker Rule’s ban on banks selling off collateralized loans obligations (CLOs) until July 2019, exempt non-financial companies from margin requirements, and allow affiliates of such end-users to trade with swap dealers and remain exempt from clearing requirements. It also includes language to amend the indemnification provision related to the sharing of swap data repository information. However, as previously discussed, even if this package is ultimately adopted by the full Senate, which is not guaranteed, the White House has indicated that President Obama would veto the bill if it were presented for his signature.

 This Week’s Hearings:

  • Tuesday, January 13: The House Financial Services Committee will hold an organizational meeting.

Regulatory Activity

SEC to Consider Derivatives Rulemakings

On Wednesday, January 14, Securities and Exchange Commission (SEC) will hold an open meeting to consider its first significant set of final derivatives rulemakings.  Specifically, the SEC will take up final rules on security-based swap reporting (Regulation SBSR) and security-based swap data repository registration.  The SEC will also issue a proposal for notice and comment related to security-based swap “reporting duties for cleared and platform-executed security-based swap transactions.”