OTC Derivatives — Legislative and Regulatory
Developments
Legislative Developments
The House Financial Services Committee and House Committee on
Agriculture have passed competing versions of a bill to regulate
over-the-counter (OTC) derivatives. The Financial Services
Committee approved its bill, H.R. 3795, on October 15, 2009. The
Committee on Agriculture approved its bill, in the nature of an
amendment by substitution to H.R. 3795, on October 21, 2009. Both
bills are intended to provide comprehensive regulation of OTC
derivatives markets, swap dealers, and major swap participants
through amendments to the Commodity Exchange Act (CEA) and federal
securities laws.
The bills follow the general outline of the U.S. Department of
the Treasury's OTC legislative proposal issued on August 21,
2009, and the "Principles for OTC Derivatives
Legislation" that Rep. Barney Frank (D-Mass.), Chair of the
Financial Services Committee, and Rep. Collin Peterson (D-Minn.),
Chair
