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S 3691 110th Congress Senate Finance and Financial Sector Administrative procedure Bank holding companies Commodity Futures Trading Commission Commodity exchanges Federal Reserve System Federal advisory bodies Futures trading Government Operations and Politics Independent regulatory commissions Investment banking Law Securities and Exchange Commission Securities fraud Swaps (Finance)

Financial Regulation Reform Act of 2008

Introduced: November 19, 2008 Introduced by: Collins, Susan M. Republican · Maine See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Nov 19, 2008
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Nov 19, 2008
Sponsor introductory remarks on measure. (CR 11/17/2008 S10549-10550)
Nov 19, 2008
Introduced in Senate
 Plain-English summary Congressional Research Service

Financial Regulation Reform Act of 2008 - Amends the Commodity Exchange Act to: (1) subject credit-default swap trading clearinghouses to regulation by the Commodity Futures Trading Commission (CFTC); and (2) direct the CFTC to set reporting and recordkeeping requirements for positions involving credit-default swaps.

Grants the Federal Reserve Board authority over investment-bank holding companies.

Directs the Securities and Exchange Commission (SEC) to issue final rules to: (1) designate clearinghouses for credit-default swaps; and (2) prohibit fraudulent, deceptive, or manipulative acts or practices in connection with such swaps.

Establishes a temporary Commission on Financial Regulatory Reform to review the financial regulatory structure and propose a comprehensive framework for fundamental reform of financial regulation in the United States.

What's happening now November 19, 2008

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Committees of jurisdiction 1