Swaps Regulatory Improvement Act

referredUnited States· United States Congress· EN

Introduced

6 March 2013

Last action

31 October 2013 · Introduced

Status

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summary

Swaps Regulatory Improvement Act - Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act with respect to the prohibition against certain federal assistance to swaps entities, namely the use of any advances from specified Federal Reserve credit facilities or discount windows, or Federal Deposit Insurance Corporation (FDIC) insurance or guarantees, for the purpose of: (1) making any loan to, or purchasing any stock, equity interest, or debt obligation of, any swaps entity; (2) purchasing the assets of any swaps entity; (3) guaranteeing any loan or debt issuance of any swaps entity; or (4) entering into any assistance arrangement (including tax breaks), loss sharing, or profit sharing with any swaps entity. Extends to any major swap participant or major security-based swap participant that is an uninsured U.S. branch or agency of a foreign bank the exemption from the prohibition against federal assistance to swaps entities which is currently limited to any major swap participant or major security-based swap participant that is an FDIC-insured bank or savings association. Designates both uninsured U.S. branches or agencies of a foreign bank and insured depository institutions as "covered depository institutions." Requires any covered depository institution exempted from the prohibition to limit its swap and security-based swap activities to hedging and similar risk mitigating activities (as under current law), non-structured finance swap activities, or certain structured finance swap activities. (Defines "structured finance swap" as a swap or security-based swap based on an asset-backed security [or group or index primarily composed of asset-backed securities].) Qualifies a structured finance swap activity for the exemption if: (1) it is undertaken for hedging or risk management purposes, or (2) each asset-backed security underlying the structured finance swap is of a credit quality and of a type or category with respect to which the prudential regulators have jointly adopted rules authorizing such a swap or security-based swap activity by covered depository institutions. Repeals the exemption from the prohibition for any insured depository institution that limits its swap and security-based swap activities to acting as a swaps entity for: (1) swaps or security-based swaps involving rates or reference assets that are permissible for investment by a national bank; or (2) credit default swaps, including those referencing the credit risk of asset-backed securities unless they are cleared by a derivatives clearing organization or a clearing agency registered, or exempt from registration, under the Commodity Exchange Act or the Securities Exchange Act.

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Timeline

6 March 2013
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
6 March 2013
Introduced
Introduced in House
Source: IntroReferral
6 March 2013
Introduced
Introduced in House
Source: IntroReferral
14 March 2013
Committee
Committee Hearings Held.
Source: Committee
20 March 2013
Vote
Ordered to be Reported by the Yeas and Nays: 31 - 14.
Source: Committee
20 March 2013
Committee
Committee Consideration and Mark-up Session Held.
Source: Committee
11 April 2013
Committee
Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.
Source: Committee
7 May 2013
Vote
Ordered to be Reported by the Yeas and Nays: 53 - 6.
Source: Committee
7 May 2013
Committee
Committee Consideration and Mark-up Session Held.
Source: Committee
25 September 2013
Calendars
Placed on the Union Calendar, Calendar No. 169.
Source: Calendars
25 September 2013
Reported
Reported by the Committee on Financial Services. H. Rept. 113-229, Part I.
Source: Committee
25 September 2013
Reported
Reported by the Committee on Financial Services. H. Rept. 113-229, Part I.
Source: Committee
30 October 2013
Passed
Motion to reconsider laid on the table Agreed to without objection.
Source: Floor
30 October 2013
Vote
On passage Passed by recorded vote: 292 - 122 (Roll no. 569). (text: CR H6916)
Source: Floor
30 October 2013
Vote
Passed/agreed to in House: On passage Passed by recorded vote: 292 - 122 (Roll no. 569).(text: CR H6916)
Source: Floor
30 October 2013
Vote
On motion to recommit with instructions Failed by the Yeas and Nays: 190 - 223 (Roll no. 568).
Source: Floor
30 October 2013
Floor
The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H6926)
Source: Floor
30 October 2013
Floor
DEBATE - The House proceeded with one hour of debate on H.R. 992.
Source: Floor
30 October 2013
Floor
Ms. Brownley (CA) moved to recommit with instructions to Financial Services. (consideration: CR H6925-6927; text: CR H6925)
Source: Floor
30 October 2013
Floor
The previous question was ordered pursuant to the rule. (consideration: CR H6925)
Source: Floor
30 October 2013
Floor
Considered under the provisions of rule H. Res. 391. (consideration: CR H6916-6928)
Source: Floor
31 October 2013
Introduced
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Referred in Senate · 31 October 2013 · Download file
Engrossed in House · 30 October 2013 · Download file
Reported in House · 25 September 2013 · Download file
Introduced in House · 6 March 2013 · Download file

Documents

10 official files

Referred in Senate (text)

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Referred in Senate (text)
Referred in Senate · EN · 31 October 2013
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Referred in Senate (PDF)
Referred in Senate · EN · 31 October 2013
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Engrossed in House (text)
Engrossed in House · EN · 30 October 2013
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Engrossed in House (PDF)
Engrossed in House · EN · 30 October 2013
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Passed House without amendment
summary · EN · 30 October 2013
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Reported in House (text)
Reported in House · EN · 25 September 2013
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Reported in House (PDF)
Reported in House · EN · 25 September 2013
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Introduced in House (text)
Introduced in House · EN · 6 March 2013
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Introduced in House (PDF)
Introduced in House · EN · 6 March 2013
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Introduced in House
summary · EN · 6 March 2013
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Related records

Sources

PoliticalRepo is an index and interpretation layer, not the authoritative legal source.

Official source: https://www.congress.gov/bill/113th-congress/house-bill/992
Open data entity: https://api.congress.gov/v3/bill/113/hr/992
us · 113-hr-992 · source updated 5 December 2025