H.R. 1109 · 108th Congress
Market Oversight Consolidation and OTC Derivatives Regulation Act
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Never voted on. It didn't reach a floor vote before the 108th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
DeFazioSponsor1 cosponsor · 1 D
0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Market Oversight Consolidation and OTC Derivatives Regulation Act - Establishes the Financial Markets Oversight Commission (FMOC) as an independent regulatory commission. Requires a separate division within FMOC with responsibility for functions relating to markets in physical commodities.
What it does: CRS summary · Introduced in House · Mar 6, 2003
Transfers to FMOC all functions of: (1) the Commodity Futures Trading Commission; (2) the Securities and Exchange Commission; and (3) the Board of Governors of the Federal Reserve System pertaining to margin requirements.
Grants the FMOC margin authority with respect to securities and futures.
Establishes in the executive branch the Federal Financial Markets Coordinating Council to: (1) coordinate the regulatory operations of each of the financial oversight agencies represented on the Council; and (2) establish an advisory committee of representatives of the futures, commodities, options, and securities exchanges and the banking industry.
Terminates the Commodity Futures Trading Commission and the Securities and Exchange Commission.
Subjects over-the-counter derivatives dealers and derivatives transactions to the regulatory jurisdiction of the FMOC.
Establishes criminal sanctions for violations of this Act.
Prescribes guidelines for a private right of action against any persons (including officers, directors, governors, and committee members) who willfully aid, abet, counsel, induce, or procure a violation of this Act. Subjects violators to liability for actual and punitive damages in cases of intentional violations. Grants the Federal district courts exclusive jurisdiction of such actions.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Market Oversight Consolidation and OTC Derivatives Regulation Act
Latest action (Mar 17, 2003): Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Mar 6, 2003
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.