Market Oversight Consolidation and OTC Derivatives Regulation Act

Summary

Market Oversight Consolidation and OTC Derivatives Regulation Act - Establishes the Financial Markets Oversight Commission (FMOC) as an independent regulatory commission. Requires a separate division within FMOC with responsibility for functions relating to markets in physical commodities. Transfers to FMOC all functions of: (1) the Commodity Futures Trading Commission; (2) the Securities and Exchange Commission; and (3) the Board of Governors of the Federal Reserve System pertaining to margin requirements. Grants the FMOC margin authority with respect to securities and futures. Establishes in the executive branch the Federal Financial Markets Coordinating Council to: (1) coordinate the regulatory operations of each of the financial oversight agencies represented on the Council; and (2) establish an advisory committee of representatives of the futures, commodities, options, and securities exchanges and the banking industry. Terminates the Commodity Futures Trading Commission and the Securities and Exchange Commission. Subjects over-the-counter derivatives dealers and derivatives transactions to the regulatory jurisdiction of the FMOC. Establishes criminal sanctions for violations of this Act. Prescribes guidelines for a private right of action against any persons (including officers, directors, governors, and committee members) who willfully aid, abet, counsel, induce, or procure a violation of this Act. Subjects violators to liability for actual and punitive damages in cases of intentional violations. Grants the Federal district courts exclusive jurisdiction of such actions.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 6 March 2003

   Introduced

   Referred to the Committee on Financial Services, and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

   Source: IntroReferral

2. 6 March 2003

   Introduced

   Referred to the Committee on Financial Services, and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

   Source: IntroReferral

3. 6 March 2003

   Introduced

   Introduced in House

   Source: IntroReferral

4. 6 March 2003

   Introduced

   Introduced in House

   Source: IntroReferral

5. 12 March 2003

   Referred

   Referred to the Subcommittee on Farm Commodities and Risk Management.

   Source: Committee

6. 17 March 2003

   Referred

   Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 6 March 2003 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 6 March 2003

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 6 March 2003

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 6 March 2003

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  Vertaal document

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Sponsors

• Rep. DeFazio, Peter A. [D-OR-4] · D · Sponsor
• Rep. Lipinski, William O. [D-IL-3] · D · Cosponsor
• · hsba00 · Standing
• · hsag00 · Standing

Related records

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