H.R. ll (116th Congress): To Apply Certain Risk Management Standards to Derivatives Clearing Organizations and Clearing Agencies
Summary
This is a discussion draft of a House bill that names Mr. Cleaver as the introducer and leaves the bill number and committee blank. Its short title is the Risk Management for Derivatives Clearing Organizations Act. It would amend the Dodd-Frank Wall Street Reform and Consumer Protection Act to permit certain non-designated clearinghouses access to a deposit account at a Federal reserve bank, and to apply certain risk management standards to derivatives clearing organizations and clearing agencies. Section 2 amends section 806 to cover a registered derivatives clearing organization or clearing agency approved to hold such an account.
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“H.R. ll (116th Congress): To Apply Certain Risk Management Standards to Derivatives Clearing Organizations and Clearing Agencies.”
Original at docs.house.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/bills-116pih-rmdcoa-2430e1207cdd/
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[DISCUSSION DRAFT]
H. R. ll
116TH CONGRESS
2D SESSION
To amend the Dodd-Frank Wall Street Reform and Consumer Protection
Act to permit certain non-designated clearinghouses access to a deposit
account at a Federal reserve bank, to apply certain risk management
standards to derivatives clearing organizations and clearing agencies,
and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
Mr. CLEAVER introduced the following bill; which was referred to the
Committee on llllllllllllll
A BILL
To amend the Dodd-Frank Wall Street Reform and Con-
sumer Protection Act to permit certain non-designated
clearinghouses access to a deposit account at a Federal
reserve bank, to apply certain risk management stand-
ards to derivatives clearing organizations and clearing
agencies, and for other purposes.
1 Be it enacted by the Senate and House of Representa-
2 tives of the United States of America in Congress assembled,
3 SECTION 1. SHORT TITLE.
4 This Act may be cited as the ‘‘Risk Management for
5 Derivatives Clearing Organizations Act’’.
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2
1 SEC. 2. ACCESS TO FEDERAL RESERVE BANK ACCOUNTS
2 AND SERVICES.
3 Section 806 of the Dodd-Frank Wall Street Reform
4 and Consumer Protection Act (12 U.S.C. 5465) is amend-
5 ed—
6 (1) in subsection (a)—
7 (A) by striking ‘‘a designated financial
8 market utility and’’ and inserting ‘‘a designated
9 financial market utility, a derivatives clearing
10 organization registered with the Commodity Fu-
11 tures Trading Commission under the Com-
12 modity Exchange Act that has been approved to
13 hold such an account by the Commodity Fu-
14 tures Trading Commission, or a clearing agency
15 registered with the Commission under the Secu-
16 rities Exchange Act of 1934 that has been ap-
17 proved to hold such an account by the Commis-
18 sion, and’’; and
19 (B) by striking ‘‘designated financial mar-
20 ket utility that’’ and inserting ‘‘financial market
21 utility that’’;
22 (2) in subsection (c), by striking ‘‘designated fi-
23 nancial market utility’’ and inserting ‘‘financial mar-
24 ket utility’’; and
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3
1 (3) in subsection (d), by striking ‘‘designated fi-
2 nancial market utility’’ each place such term appears
3 and inserting ‘‘financial market utility’’.
4 SEC. 3. APPLICATION OF RISK MANAGEMENT STANDARDS
5 TO DERIVATIVES CLEARING ORGANIZATIONS
6 AND CLEARING AGENCIES.
7 Section 805 of the Dodd-Frank Wall Street Reform
8 and Consumer Protection Act (12 U.S.C. 5464) is amend-
9 ed—
10 (1) by striking ‘‘designated financial market
11 utilities’’ each place such term appears and inserting
12 ‘‘designated financial market utilities, derivatives
13 clearing organizations registered with the Com-
14 modity Futures Trading Commission under the
15 Commodity Exchange Act, and clearing agencies
16 registered with the Commission under the Securities
17 Exchange Act of 1934’’; and
18 (2) in subsection (f), by striking ‘‘Designated fi-
19 nancial market utilities’’ and inserting ‘‘Designated
20 financial market utilities, derivatives clearing organi-
21 zations registered with the Commodity Futures
22 Trading Commission under the Commodity Ex-
23 change Act, and clearing agencies registered with
24 the Commission under the Securities Exchange Act
25 of 1934’’.
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