S. 3739 · 110th Congress
Derivatives and Hedge Fund Regulatory Improvement Act of 2008
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Never voted on. It didn't reach a floor vote before the 110th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
DorganSponsor1 cosponsor · 1 D
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Derivatives and Hedge Fund Regulatory Improvement Act of 2008 - Directs the appropriate federal banking agencies, with respect to the entities under their respective jurisdictions that engage in transactions involving unregistered hedge funds or over-the-counter derivatives, to initiate a coordinated rulemaking to: (1) extend to unregistered hedge funds the…
What it does: CRS summary · Introduced in Senate · Dec 11, 2008
Derivatives and Hedge Fund Regulatory Improvement Act of 2008 - Directs the appropriate federal banking agencies, with respect to the entities under their respective jurisdictions that engage in transactions involving unregistered hedge funds or over-the-counter derivatives, to initiate a coordinated rulemaking to: (1) extend to unregistered hedge funds the requirements governing the safety and soundness of the financial system applicable to mutual funds; (2) provide for the regulation of over-the-counter derivatives that are not traded on a national securities exchange or by a registered securities association (including credit default swaps, interest rate swaps, currency swaps, mortgage-backed securities, asset-backed securities, and collateralized debt obligations); and (3) prohibit insured depository institutions from trading derivatives for their own accounts.
Requires the appropriate federal banking agencies and the Securities and Exchange Commission (SEC) to promulgate rules designed to: (1) avoid systemic risks to the financial markets; (2) ensure safe and sound operation of banks, including mandatory maintenance of sufficient capital levels and limits on aggregate leverage, and restrictions on buying, selling, or entering into derivatives by an insured depository institution for its own account; and (3) provide means to prevent fraudulent, deceptive, or manipulative practices.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Derivatives and Hedge Fund Regulatory Improvement Act of 2008
Latest action (Dec 11, 2008): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Dec 11, 2008
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.