Amendment to the Swaps Pushout Rule
23 December 2014Swaps Update
On December 16, 2014, President Obama signed into law an appropriations act that included an amendment to Section 716 (the Swaps Pushout) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act). This amendment was based on H.R. 992, the Swaps Regulatory Improvement Act, which passed the U.S. House of Representatives on October 30, 2013 in a bipartisan 292-122 vote. Prior to this week’s amendment, the Swaps Pushout barred “swap entities” from receiving any federal assistance, including access to the Federal Reserve discount window and federal deposit insurance.
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