US Congress House Bill 3145 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on July 9 2009 - 25% progression, died in committee
Action: 2009-07-09 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]

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.

Credit Default Swap Prohibition Act of 2009

Rep. Maxine Waters [D-CA]

Date	Chamber	Action
2009-07-09		Referred to the House Committee on Financial Services.

Type	Source
Summary	https://www.congress.gov/bill/111th-congress/house-bill/3145/all-info
Text	https://www.congress.gov/111/bills/hr3145/BILLS-111hr3145ih.pdf