Date: October 29, 2013
Issue: Derivatives Regulation
To: Members of Congress
Filing Type: Congressional Letter
Description: The House of Representatives passed the “Swaps Regulatory Improvement Act” in a 292-122 vote, modifying section 716 of the Dodd-Frank Act. The Chamber sent a letter to Congress prior to the vote supporting the legislation. We believe that section 716 would increase risk for derivatives market participants, while at the same time driving up costs for end users. Additionally, it would add cost and complexity by requiring market participants to put in place multiple agreements and make multiple settlements on their derivatives transactions. HR 992 would serve to promote vibrant and efficient capital markets by modifying section 716.
