DATE: OCTOBER 22, 2009
DATE: OCTOBER 22, 2009
TO: NCOIL LEGISLATORS
FROM: SUSAN NOLAN
NCOIL EXECUTIVE DIRECTOR
RE: HOUSE COMMITTEES PASS CFPA, DERIVATIVES BILLS
[pic]
CONSUMER PROTECTION AGENCY
Earlier today, the U.S. House Financial Services Committee (HFSC) voted 39 to 29 to approve H.R. 3126, the Consumer Financial Protection Agency Act of 2009. The legislation to create an independent Consumer Financial Protection Agency (CFPA) included the amendment approved yesterday to exclude the business of insurance from the scope of the CFPA. The legislation will next go to the House floor later this year. A The Hill article entitled “House Committee Gives Nod to Creating Consumer Financial Protection Agency” is available here.
CREDIT DEFAULT SWAPS
Yesterday in a voice vote and on October 15 in a 43 to 26 vote, the U.S. House Committees on Agriculture and Financial Services, respectively, approved legislation to regulate over-the-counter derivatives, including swaps. The two similar bills—which require certain standardized transactions to be centrally cleared and executed on trading platforms—will need to be reconciled before heading to the House floor later this year. Information including short summaries of the Ag. Committee bill is available here, the HFSC bill here, and an Associated Press article entitled “House Agriculture Panel Approves Derivatives Bill” here.
For more information contact Mike Humphreys by reply e-mail or at 202-220-3014.
................
................
In order to avoid copyright disputes, this page is only a partial summary.
To fulfill the demand for quickly locating and searching documents.
It is intelligent file search solution for home and business.