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HR 3145 111th Congress House Finance and Financial Sector Administrative law and regulatory procedures Contracts and agency Credit and credit markets Fraud offenses and financial crimes Licensing and registrations Securities Securities and Exchange Commission (SEC)

Credit Default Swap Prohibition Act of 2009

Introduced: July 9, 2009 Introduced by: Waters, Maxine Democratic · California See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 9, 2009
Referred to the House Committee on Financial Services.
Jul 9, 2009
Introduced in House
 Plain-English summary Congressional Research Service

Credit Default Swap Prohibition Act of 2009 - Amends the Securities Act of 1933 and the Securities Exchange Act of 1934 to grant the Securities and Exchange Commission (SEC) regulatory jurisdiction over any security-based swap agreement, including authority to issue, interpert, and enforce rules and orders in a manner that imposes prophylactic measures against fraud, manipulation, or insider trading.

Defines credit default swap as: (1) a swap agreement that protects a party to it against the risk of a loss of value because of the occurrence or non-occurrence of an event or contingency specified in the agreement relating to a security, loan, or other reference asset; and (2) such other forms of credit risk protection as the SEC may, by rule, prescribe as necessary or appropriate in the public interest or for the protection of investors.

Authorizes the SEC to require registration of any security-based swap agreement.

Amends the Securities Exchange Act of 1934 to declare it unlawful for any person to enter into a credit default swap agreement or contract.


What's happening now July 9, 2009

Referred to the House Committee on Financial Services.

 Committees of jurisdiction 1