H.R. 3145 · 111th Congress
Credit Default Swap Prohibition Act of 2009
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Never voted on. It didn't reach a floor vote before the 111th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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WatersSponsorNo cosponsors.
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…
What it does: CRS summary · Introduced in House · Jul 9, 2009
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Credit Default Swap Prohibition Act of 2009
Latest action (Jul 9, 2009): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Jul 9, 2009
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.