Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that amends the Dodd-Frank Wall Street Reform and Consumer Protection Act by exempting certain covered depository institutions from the prohibition on federal government financial assistance for swap entities.

Highlights:

• Authorizes a covered depository institution to receive federal assistance if the institution limits its swap and security-based swap activities to hedging and similar risk activities, non-structured finance swap activities, and certain structured finance swap activities for hedging or risk management (Sec. 2).

• Defines “covered depository institution” as an insured depository institution and a United States uninsured branch or agency of a foreign bank (Sec. 2).

• Defines “structured finance swap” as a swap or security-based swap based on an asset-backed security (Sec. 3).

• Requires the asset-backed security of a structured finance swap to be of credit quality and to adhere to the rules which the prudential regulators have jointly adopted authorizing swap or security-based swap activity (Sec. 2).

Full Bill Text

Full Bill Text