Dodd-Frank Improvement Act of 2011
Latest action. Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Dodd-Frank Improvement Act of 2011 - Amends the Securities Exchange Act of 1934 to establish the Office of Derivatives within the Securities and Exchange Commission (SEC) to: (1) administer SEC rules governing security-based swaps, (2) coordinate oversight of the market for swaps and security-based swaps with domestic and international regulators, and (3) monitor the swaps and security-based swaps market.
Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) to: (1) extend the date of issuance for certain regulations regarding the swaps and security-based swaps market, and (2) set a deadline for the SEC, the Commodity Futures Trading Commission (CFTC), and the prudential regulators to adopt jointly an implementation schedule for the regulation of the over-the-counter-swaps market.
Amends the Commodity Exchange Act, with respect to the registration and regulation of swap dealers and major swap participants, to exempt from specified margin requirements any swaps in which one of the counterparties is not: (1) a swap dealer or a major swap participant; (2) the Federal National Mortgage Association (Fannie Mae) or any affiliate, the Federal Home Loan Mortgage Corporation (Freddie Mac) or any affiliate, or any Federal Home Loan Bank; or (3) a commodity pool predominantly invested in any combination of commodities, commodity swaps, commodity options, or commodity futures.
Exempts from such margin requirements also an investment fund that: (1) has issued non-debt securities to more than five unaffiliated persons, (2) would be an investment company but for specified disqualifications, and (3) is not primarily invested in physical assets directly or through an interest in an affiliate that owns the physical assets.
Exempts also from such requirements swaps entered into before the date on which final rules become effective.
Amends the Securities Exchange Act of 1934 to exempt from the margin requirements for security-based swap dealers and major security-based swap participants any security-based swap in which one of the counterparties is not: (1) a security-based swap dealer or major security-based swap participant; (2) an investment fund that would be an investment company but for specified disqualifications, and is not primarily invested in physical assets directly or through an interest in an affiliate that owns the physical assets; (3) Fannie Mae or an affiliate, Freddie Mac or an affiliate, or a Federal Home Loan Bank; or (4) a commodity pool predominantly invested in any combination of commodities, commodity swaps, commodity options, or commodity futures.
The summary continues for 4 more paragraphs. Read it in full on Congress.gov
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in Senate" stage on October 4, 2011. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on October 4, 2011: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the Senate
- Passage by the House
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 112th Congress (2011-12), 283 of the 10,618 bills and joint resolutions introduced became law, about 2.7 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
Mike Crapo (R-ID) introduced it on October 4, 2011, and 6 members have since signed on as cosponsors.
They are 6 Republicans.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on October 4, 2011, 5455 days ago. The most recent recorded action was 5455 days ago, on October 4, 2011.
Measures do not carry over. Anything the 112th Congress has not finished by January 3, 2013 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- SenateIn committee, no floor vote yet
- HouseAwaits Senate passage
- PresidentAwaits both chambers