Swaps Regulatory Improvement Act
Do you support it?
Want to know if it passes?
We'll email you when HR 992 moves — a committee vote, a floor vote, or a signature. Nothing else.
Free forever · unsubscribe in one click.
Your answer was recorded either way.
Which district are you in?
Your ZIP is all we need to match you to your own representatives — so we can tell you how they voted on HR 992.
You're tracking HR 992
We'll email you the moment it moves.
HR 992 — Swaps Regulatory Improvement Act
Last action — Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
No card. One bill, free forever — alerts when it moves.
-
✓Introduced
-
✓In Committee
-
Died in session
This bill died with 113th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.
Summary
Swaps Regulatory Improvement Act - Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act with respect to the prohibition against certain federal assistance to swaps entities, namely the use of any advances from specified Federal Reserve credit facilities or discount windows, or Federal Deposit Insurance Corporation (FDIC) insurance or guarantees, for the purpose of: (1) making any loan to, or purchasing any stock, equity interest, or debt obligation of, any swaps entity; (2) purchasing the assets of any swaps entity; (3) guaranteeing any loan or debt issuance of any swaps entity; or (4) entering into any assistance arrangement (including tax breaks), loss sharing, or profit sharing with any swaps entity. Extends to any major swap participant or major security-based swap participant that is an uninsured U.S. branch or agency of a foreign bank the exemption from the prohibition against federal assistance to swaps entities which is currently limited to any major swap participant or major security-based swap participant that is an FDIC-insured bank or savings association. Designates both uninsured U.S. branches or agencies of a foreign bank and insured depository institutions as "covered depository institutions." Requires any covered depository institution exempted from the prohibition to limit its swap and security-based swap activities to hedging and similar risk mitigating activities (as under current law), non-structured finance swap activities, or certain structured finance swap activities. (Defines "structured finance swap" as a swap or security-based swap based on an asset-backed security [or group or index primarily composed of asset-backed securities].) Qualifies a structured finance swap activity for the exemption if: (1) it is undertaken for hedging or risk management purposes, or (2) each asset-backed security underlying the structured finance swap is of a credit quality and of a type or category with respect to which the prudential regulators have jointly adopted rules authorizing such a swap or security-based swap activity by covered depository institutions. Repeals the exemption from the prohibition for any insured depository institution that limits its swap and security-based swap activities to acting as a swaps entity for: (1) swaps or security-based swaps involving rates or reference assets that are permissible for investment by a national bank; or (2) credit default swaps, including those referencing the credit risk of asset-backed securities unless they are cleared by a derivatives clearing organization or a clearing agency registered, or exempt from registration, under the Commodity Exchange Act or the Securities Exchange Act.
Bill Text
We don't have the full text on file for this bill yet.
Read HR 992 on the official United States source →Action History
-
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
-
Motion to reconsider laid on the table Agreed to without objection.
-
On passage Passed by recorded vote: 292 - 122 (Roll no. 569). (text: CR H6916)
-
On motion to recommit with instructions Failed by the Yeas and Nays: 190 - 223 (Roll no. 568).
-
The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H6926)
-
Floor summary: DEBATE - The House proceeded with 10 minutes of debate on the Brownley motion to recommit with instructions. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment to prohibit any restriction on the ability of financial regulators to ensure that financial institutions comply with laws prohibiting the manipulation of commodity markets, especially with regard to speculation in oil and biofuel contracts.
-
Ms. Brownley (CA) moved to recommit with instructions to Financial Services. (consideration: CR H6925-6927; text: CR H6925)
-
The previous question was ordered pursuant to the rule. (consideration: CR H6925)
-
DEBATE - The House proceeded with one hour of debate on H.R. 992.
-
Considered under the provisions of rule H. Res. 391. (consideration: CR H6916-6928)
-
Placed on the Union Calendar, Calendar No. 169.
-
Reported by the Committee on Agriculture. H. Rept. 113-229, Part II.
-
Reported by the Committee on Financial Services. H. Rept. 113-229, Part I.
-
Ordered to be Reported by the Yeas and Nays: 53 - 6.
-
Committee Consideration and Mark-up Session Held.
-
Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.
-
Ordered to be Reported by the Yeas and Nays: 31 - 14.
-
Committee Consideration and Mark-up Session Held.
-
Committee Hearings Held.
-
Referred to House Agriculture
-
Referred to House Financial Services
-
Referred to the Committee on Financial Services, and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Sponsors
- Randy Hultgren · Primary
Sponsorship breakdown
Export CSV (upgrade) →1 sponsors · 0 co-sponsors · 546 not signed on · 342 voted No
Sponsors (1)
- Randy Hultgren R Voted No
Co-sponsors (0)
None.
Not signed on (546)
546 members have not signed on to this bill.
Show all 546 →"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.
Votes
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Republican | 3 | 26 | 0 | 1 |
| D | 160 | 0 | 0 | 7 |
| Democrat | 26 | 0 | 0 | 4 |
| Whig | 1 | 1 | 0 | 0 |
| R | 0 | 195 | 0 | 4 |
| Jackson | 0 | 1 | 0 | 0 |
| Federalist | 0 | 0 | 0 | 1 |
| Total | 190 | 223 | 0 | 17 |
| % of votes cast | 44% | 52% | 0% | 4% |
How each member voted (430)
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Republican | 25 | 4 | 0 | 1 |
| D | 56 | 104 | 0 | 7 |
| Democrat | 13 | 13 | 0 | 4 |
| Whig | 2 | 0 | 0 | 0 |
| R | 195 | 1 | 0 | 3 |
| Jackson | 1 | 0 | 0 | 0 |
| Federalist | 0 | 0 | 0 | 1 |
| Total | 292 | 122 | 0 | 16 |
| % of votes cast | 68% | 28% | 0% | 4% |
How each member voted (430)
Subjects
Frequently asked questions
- What does HR 992 do?
- Swaps Regulatory Improvement Act - Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act with respect to the prohibition against certain federal assistance to swaps entities, namely the use of any advances from specified Federal Reserve credit facilities or discount windows, or Federal Deposit Insurance Corporation (FDIC) insurance or guarantees, for the purpose of: (1) making any loan to, or purchasing any stock, equity interest, or debt obligation of, any swaps entity; (2) purchasing the assets of any swaps entity; (3) guaranteeing any loan or debt issuance of any swaps entity; or (4) entering into any assistance arrangement (including tax breaks), loss sharing, or profit sharing with any swaps entity. Extends to any major swap participant or major security-based swap participant that is an uninsured U.S. branch or agency of a foreign bank the exemption from the prohibition against federal assistance to swaps entities which is currently limited to any major swap participant or major security-based swap participant that is an FDIC-insured bank or savings association. Designates both uninsured U.S. branches or agencies of a foreign bank and insured depository institutions as "covered depository institutions." Requires any covered depository institution exempted from the prohibition to limit its swap and security-based swap activities to hedging and similar risk mitigating activities (as under current law), non-structured finance swap activities, or certain structured finance swap activities. (Defines "structured finance swap" as a swap or security-based swap based on an asset-backed security [or group or index primarily composed of asset-backed securities].) Qualifies a structured finance swap activity for the exemption if: (1) it is undertaken for hedging or risk management purposes, or (2) each asset-backed security underlying the structured finance swap is of a credit quality and of a type or category with respect to which the prudential regulators have jointly adopted rules authorizing such a swap or security-based swap activity by covered depository institutions. Repeals the exemption from the prohibition for any insured depository institution that limits its swap and security-based swap activities to acting as a swaps entity for: (1) swaps or security-based swaps involving rates or reference assets that are permissible for investment by a national bank; or (2) credit default swaps, including those referencing the credit risk of asset-backed securities unless they are cleared by a derivatives clearing organization or a clearing agency registered, or exempt from registration, under the Commodity Exchange Act or the Securities Exchange Act.
- Who sponsors HR 992?
- HR 992 is sponsored by Randy Hultgren (R).
- What is the current status of HR 992?
- This bill died with 113th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
- Where can I track HR 992?
- Track HR 992 free on One Click Politics — get push/email alerts when it moves.
Make your voice heard on HR 992
Find the representatives who decide this bill and tell them where you stand — for yourself, or mobilize your whole list in one click with One Click Politics advocacy software.
Stay ahead of HR 992
Last checked for changes about 13 hours ago · updated continuously
One Click Politics tracks every bill in Congress and all 50 states.
Track this bill →