Democrats will be pushing for … two very important amendments to these bills, and if they are rejected by the majority, we will work hard against both bills and urge the Senate and the president to reject them.One bill (H.R. 3283) is intended to ensure that U.S. banks that conduct international business transactions can do so with foreign entities in the same manner as their non-U.S. competitors. The Committee rejected Frank’s amendment that would allow regulators to oversee such transactions if they were deemed to pose a risk to the U.S. financial system.
The other bill (H.R. 2586), which ABA supports, would clarify that a swap execution facility would not be required to have a minimum number of participants receive or respond to quote requests, or display quotes for a certain period of time. ABA believes that without the clarification the rules would limit swaps availability and constrain liquidity in a manner inconsistent with congressional intent.
The House is expected to consider H.R. 3283 and H.R. 2586 later this month.
Read Frank’s statement.