Swaps Bill Offers Dodd-Frank Dodge, Consumer Group Says
Melanie Waddell (AdvisorOne)
March 27, 2012

“Consumer groups are coming out against H.R. 3283, the Swaps Jurisdiction Certainty Act, which was being marked up on Tuesday by the House Financial Services Committee. The groups say it would effectively allow U.S. financial firms with an international presence, like Citibank and JPMorgan Chase, ‘to avoid Dodd-Frank derivatives regulation simply by dealing through their foreign affiliates.’ In a March 27 letter to members of the committee, Americans for Financial Reform writes that the swaps bill, introduced last October by Rep. Scott Garrett, R-N.J., chairman of the House Financial Services Subcomittee on Capital Markets, ‘would undermine’ the regulatory regime for derivatives laid out by Congress in the Dodd-Frank act ‘by exempting any derivatives transaction between a U.S. swap dealer and a non-U.S. entity from all the major protections contained in Title VII of the Dodd-Frank Act,’ with the one exception being reporting requirements to regulators.” Click here for more.