Swap Data Repository and Clearinghouse Indemnification Correction Act of 2015

Floor Speech

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Mr. Speaker, I yield myself such time as I may consume.

Mr. Speaker, transparent trading of derivatives, along with realtime reporting of trades to swap data repositories, is a crucial element of the Dodd-Frank Act.

This bill makes necessary technical changes to better enable our Nation's regulators to share that data about derivatives with one another and with their foreign counterparts.

An unintended result in Dodd-Frank of trying to protect both regulators and the data repositories from burdensome litigation was that other regulators lacked the authority to pay future legal expenses, thus threatening to prevent the sharing of information.

This was clearly not intended as one of the primary goals of title VII, to enable regulators and the public to better understand the derivatives market. H.R. 1847 addresses those concerns and is supported by the industry and advocates, like Americans for Financial Reform, alike.

I also understand that the bill includes additional changes to the legislation requested by the SEC to better target the statutory change.

I thank Representative Moore and Representative Crawford for working together in a bipartisan manner to address these issues and solve a very real threat to cross-border regulatory cooperation and oversight.

I urge support of this legislation, and I reserve the balance of my time.

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