- Not enactedThe President has not signed this bill
- The house has not voted
- The senate has not voted
Committee on Banking, Housing, and Urban AffairsIntroducedMay 4th, 2009
- senate Committees
Bill DetailsOfficial information provided by the Congressional Research Service. Learn more or make a suggestion.
The Congressional Research Service writes summaries for most legislation. These summaries are listed here. Countable will update some legislation with a revised summary, title or other key elements.
Authorizing the Regulation of Swaps Act
A bill to authorize the regulation of credit default swaps and other swap agreements, and for other purposes.
Authorizing the Regulation of Swaps Act - Amends the Gramm-Leach-Bliley Act, the Securities Act of 1933, the Securities Exchange Act of 1934, the Commodity Futures Modernization Act of 2000, the Legal Certainty for Bank Products Act of 2000, and the Commodity Exchange Act to repeal prohibitions against regulation of credit default swaps and other swap agreements, whether traded on an exchange or over-the-counter, including commodity, equity, foreign currency, and interest rate swaps. Authorizes the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and specified other federal financial regulators to: (1) exercise oversight over any swap agreement entered into, purchased, or sold by any financial institution, entity, or person (for its own account or for the account of others), and any swap agreement, that is subject to the regulator's jurisdiction; and (2) promulgate, interpret, and enforce regulations, issue orders of general applicability, and impose disclosure, reporting, or recordkeeping requirements relating to any such swap agreement. Grants the SEC sole oversight authority over: (1) any exchange or clearing agency; and (2) any swap agreement traded on or cleared through such exchange or clearing agency. Grants the CFTC sole oversight authority over: (1) any trading facility or registered entity; and (2) any swap agreement executed on, traded on, or cleared through such trading facility or registered entity.