Over-the-Counter Derivatives Systemic Risk Reduction Act of 2000

Summary

Over-the-Counter Derivatives Systemic Risk Reduction Act of 2000 - States that the operation of a multilateral clearing organization for over-the-counter derivative instruments is limited to: (1) banks; and (2) certain corporations chartered under the Federal Reserve Act. Sets forth rules of construction to emphasize that the Commodity Futures Trading Commission and the Securities and Exchange Commission retain their inherent jurisdiction over the trading and clearing activities within their respective purviews. States that a multilateral clearing organization under the jurisdiction of the Board of Governors of the Federal Reserve System (the Board) or the Comptroller of the Currency does not fall within the jurisdiction of any other Federal entity as a result of clearing any over-the-counter derivative instrument. States that no over-the-counter instrument to which a financial institution is a party shall be subject to rescission or held unenforceable based solely on the regulatory status or jurisdiction over such instrument under Federal or State law. Provides that an over-the-counter instrument does not fall within the purview of the Commodity Exchange Act as a consequence of being the subject of an electronic trade or communication. Authorizes the Board to appoint a conservator or receiver to take possession and control of a State bank which operates, or operates as, a multilateral clearing organization in the same manner as the Comptroller of the Currency may do so.

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

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 6 April 2000

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 6 April 2000

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 6 April 2000

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.