Like Causes?

Install the App
TRY NOW

house Bill H.R. 1847

Fixing Dodd-Frank to Make It Easier to Share Data With Regulators

Argument in favor

This reform is necessary to correct an unintended consequence of a misguided portion of the Dodd-Frank Act. Even the SEC thinks the indemnification requirements should be changed.

DonaldTrump's Opinion
···
08/24/2015
"Between regulation, between all of the Dodd-Frank [regulations of Wall Street], between all of the different things that have been imposed, we aren't competitive like we used to be." [businessinsider.com]
Like (26)
Follow
Share
ScottWalker's Opinion
···
08/24/2015
"It's time to repeal #DoddFrank. These regulations haven't solved the problem. Let's work for small businesses & help the US economy grow." twitter.com/scottwalker
Like (7)
Follow
Share
JebBush's Opinion
···
08/24/2015
"#DoddFrank locked in "too big to fail" for Wall Street & hurts small community banks. 5 years is enough. We should repeal." twitter.com/jebbush
Like (5)
Follow
Share

Argument opposed

The U.S. shouldn’t be concerned with the ability of foreign regulators to access international derivatives information stored in the U.S. As long as the SEC can access it, there shouldn’t be a problem.

BernieSanders's Opinion
···
08/24/2015
“If an institution is too big to fail, it is too big to exist and that is the bottom line.” [twitter.com]
Like (88)
Follow
Share
BarackObama's Opinion
···
08/24/2015
"Reform will constrain the growth of the largest financial firms, restrict the riskiest financial activities, and create a mechanism for the government to shut down failing financial companies without precipitating a financial panic that leaves taxpayers and small businesses on the hook." [whitehouse.gov]
Like (28)
Follow
Share
ElizabethWarren's Opinion
···
08/24/2015
"David can beat Goliath – that’s the meaning of Dodd-Frank." [businessinsider.com]
Like (23)
Follow
Share

What is House Bill H.R. 1847?

This bill would repeal the indemnification requirements imposed on derivatives trading organizations that was imposed by the Dodd-Frank Act.


The indemnification process requires any U.S. or foreign entity other than the Securities and Exchange Commission (SEC) that wants to access data from a security-based swap data repository (i.e. data related to
derivatives markets) to provide indemnity (protection) for any litigation expenses arising from the information provided.

Before a swap data repository can share information with any entity, it must receive a written confidentiality agreement from each entity that requests access.

This legislation would take effect as if it had been part of the original Dodd-Frank Act -- meaning that it would immediately be applicable to swap data repositories and entities requesting access to that data.

Impact

Swap data repositories, regulators in the derivatives market -- particularly the SEC.

Cost of House Bill H.R. 1847

$0.00
The CBO estimates that this bill would have an insignificant impact on direct spending.

More Information

In-Depth: Discussions about removing the indemnification requirement has been ongoing since at least March 2012, when the SEC recommended that Congress consider eliminating the indemnification requirement as it inhibits the ability of regulators to access data they need

The text of this bill was included in H.R. 37 which passed the House of Representatives on a vote of 271 to 154, but has yet to be considered by the Senate.

As a standalone piece of legislation, the House Financial Services Committee passed this bill on a unanimous vote of 60 to 0. An amendment put forward by cosponsoring Rep. Gwen Moore (D-WI) which clarified that swap data repositories only have to share data related to swap trades was passed by voice vote.


Media:

Summary by Eric Revell
(Photo Credit: Flickr user Joan Campderrós-i-Canas)

AKA

Swap Data Repository and Clearinghouse Indemnification Correction Act of 2015

Official Title

To amend the Securities Exchange Act of 1934 and the Commodity Exchange Act to repeal the indemnification requirements for regulatory authorities to obtain access to swap data required to be provided by swaps entities under such Acts.

bill Progress


  • Not enacted
    The President has not signed this bill
  • The senate has not voted
      senate Committees
      Committee on Agriculture, Nutrition, and Forestry
  • The house Passed July 14th, 2015
    Passed by Voice Vote
      house Committees
      Committee on Agriculture
      Commodity Exchanges, Energy, and Credit
      Committee on Financial Services
      Investor Protection, Entrepreneurship, and Capital Markets
    IntroducedApril 16th, 2015

Log in or create an account to see how your Reps voted!
    "Between regulation, between all of the Dodd-Frank [regulations of Wall Street], between all of the different things that have been imposed, we aren't competitive like we used to be." [businessinsider.com]
    Like (26)
    Follow
    Share
    “If an institution is too big to fail, it is too big to exist and that is the bottom line.” [twitter.com]
    Like (88)
    Follow
    Share
    "Reform will constrain the growth of the largest financial firms, restrict the riskiest financial activities, and create a mechanism for the government to shut down failing financial companies without precipitating a financial panic that leaves taxpayers and small businesses on the hook." [whitehouse.gov]
    Like (28)
    Follow
    Share
    "David can beat Goliath – that’s the meaning of Dodd-Frank." [businessinsider.com]
    Like (23)
    Follow
    Share
    "your—too-big-to-fail, too-big-to-manage, and too-big-to-jail—megabanks pose an enormous risk to the financial system, the economy, and American families. They are so big and so interconnected with the entire financial system that the failure of one or more of them could cause the collapse of the entire U.S. economy." [martinomalley.com]
    Like (7)
    Follow
    Share
    "It's time to repeal #DoddFrank. These regulations haven't solved the problem. Let's work for small businesses & help the US economy grow." twitter.com/scottwalker
    Like (7)
    Follow
    Share
    Good grief. Dodd-Frank has barely been implemented. What fresh hell is this that there is a proposal to weaken what is basically non-existent? Do conservatives actually WANT another financial meltdown: a rhetorical question. Of course, they do. None of them ever met anyone who didn't get rich from the last one.
    Like (5)
    Follow
    Share
    "#DoddFrank locked in "too big to fail" for Wall Street & hurts small community banks. 5 years is enough. We should repeal." twitter.com/jebbush
    Like (5)
    Follow
    Share
    Orwell Was Wrong: It Will Be Worse Than He Predicted (And It’s Happening Now) The mainstream media, like so many in governmental power, desperately wants you to believe that government control is the best way to manage a variety of aspects of life. One particular area, for example, is the economy. Pro-government people fall into one of two camps, only varying in degree of government control (and never advocating little-to-no control). Those two camps are fascism/mercantilism/crony capitalists and socialism. The first group is the group of people that liberals hate: the crony capitalists (which is much different from laissez-fairre, Libertarian, types of capitalists). They like to call themselves capitalists but aren’t advocates of the free market. They are advocates of government control of markets in partnership with big business. The second group are more open about their aims. Socialists, unlike crony capitalists, call themselves socialists, communists, or (if they are trying to avoid the negative stigma of the other two terms) "progressives." We see the effects of crony capitalism on our society now (the 1% really do get richer. They run the banks, large corporations, and/or government). What you don’t hear on the media is what socialism really does to a society. George Orwell predicted totalitarian control in his book 1984. What he didn’t predict is the total societal collapse that actually occurs under socialism, but, for those with eyes to see, the truth is right before our eyes. You just need to get reports about what is really happening in Venezuela. Shaun Bradley writes, “Life in Venezuela now consists of empty grocery stores, record rates of violent crime, and widespread shortages of just about everything. The economic and political conditions have been deteriorating for years, but recent stories coming from this once-rich nation are astonishing. Bars have run out of beer, McDonald’s can’t get bunsfor their Big Macs, and rolling blackouts are a regular occurrence. The average person spends over 35 hours a month waiting in line to buy their rationed goods, and even basics like toilet paper and toothpaste are strictly regulated. […] “The Venezuelan healthcare system, once a symbol of socialism’s success, has been crippled by vast medical supply shortages. Gloves, soap, and antibiotics have all vanished, with power often only working one or two days a week. The economic woes have created a full-blown public health emergency. Malnutrition combined with doctors’ inability to treat patients effectively has led to outbreaks of diseases like tuberculosis and malaria. With such extremely limited resources, many patients are falling through the cracks. Even simple illnesses are going untreated, leading to dangerous complications. {…] “Life in Venezuela is now built around waiting in lines. As much as the lines have become the key to survival, they are also hotbeds for violence. Crimes are often committed in broad daylight, with assailants meeting little resistance. For other people in line, the risk of leaving their spot to intervene is just too high. Their dependence on government has literally robbed them of their ability to help others in need. “’These days, you have to put the line above everything,’ said pharmacist Haide Mendoza, who witnessed a murder in the line at her store, CBS News reported. “The hyperinflation currently affecting the Venezuelan currency, the bolivar, is undermining every function of the government and economy.The inflation rate is now the highest in the world and is expected to hit 1,600% by next year. Despite the government raising the minimum wage three times to appease workers, the move has only fueled a rise in prices. In a highly controversial move, the government imposed forced labor policies to keep food production going. Maduro’s emergency decree promises severe punishments for those who refuse to work in the fields without pay. The social contract appears to have no end when it comes to the ‘greater good.’” http://www.zerohedge.com/news/2016-08-24/total-societal-collapse-what-media-isnt-telling-you-about-venezuela People unwilling to step out of line to prevent a murder. Babies dying at birth because of lack of medicines. Forced (should we say “slave”) labor. Orwell’s protagonist in 1984 had it better than this, and this is what “progressives” will bring to America. They will say it is to help the underprivileged or those without access to resources. What they won’t tell you is that the long-term effect is that no one has access to resources, and everyone is worse off. With the massive support that Bernie Sanders received in the primary season this year, it doesn’t look like the push towards full-blown socialism is going away, and, if the socialists get their way, all of us will suffer. ..... Read more at: http://survivalinstitute.com/orwell-was-wrong-it-will-be-worse-than-he-predicted-and-its-happening-now/
    Like (4)
    Follow
    Share
    I like Dodd-Frank they seem nice. Too big to fail is too big to exist
    Like (3)
    Follow
    Share
    Not Fix Dodd-Frank, it needs to be done away with entirely.
    Like (2)
    Follow
    Share
    We must do everything in our power to constrain the oligarchy. Mega-banks and mega-corporations are a far greater risk to our freedom and to democracy than any terrorist organization.
    Like (2)
    Follow
    Share
    Corporations need to learn that they are culpable for decisions and regardless of the impact they are allowed to fail. Beyond allowed but more so destined to fail if they prey on the misfortune of the populace and unwillingness of the public government to enforce laws.
    Like (2)
    Follow
    Share
    Leave this bill right where it is. The reasons are obvious, there should be a big sign saying DO NOT TOUCH!
    Like (2)
    Follow
    Share
    If it was good enough in 1934, it is probably still good. Look what happened when they repealed the Glass Act.
    Like (2)
    Follow
    Share
    Really? Protect big money again. I am ashamed of people in power or big money. To have the ability to feel protected from anything as a citizen would be great but some veterans still homeless so what about putting your protections into what matters instead of protected big money. Veterans protected even big money and homeless should never be in our vocabulary. Could they go to the bank and sleep or get warm or fed. Something has to give when we are opening all these bills to destroy what has been decided and not moving forward to fix REAL THINGS THST AGFDCT REAL PeOPLE.
    Like (2)
    Follow
    Share
    Fix it yes, repeal it
    Like (1)
    Follow
    Share
    Anything to stop or slow the advancement of socialism.
    Like (1)
    Follow
    Share
    It is probable that Dodd Frankenstein never was a proper answer for too big to fail. It is likely that no such bill would ever have passed the current Republican congress. The sort of regulation that would satisfy the Statist minded Dems are not what would be considered Free Market responses. The specific arcane aspect described here is not one we lay people have the familiarity to weigh in on.
    Like (1)
    Follow
    Share
    Bring back glass Spiegel and make harder by making it simpler
    Like (1)
    Follow
    Share
    MORE