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H.R. 5323 - Derivatives Fairness Act

Introduced: 2018-03-19
Bill Status: Placed on the Union Calendar, Calendar No. 691.
 
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115th CONGRESS
2d Session
H. R. 5323


    To amend the Dodd-Frank Wall Street Reform and Consumer Protection Act to establish an exemption from the credit valuation adjustment calculation for uncleared derivatives transactions with end-users so that United States companies are not disadvantaged, and for other purposes.


IN THE HOUSE OF REPRESENTATIVES

March 19, 2018

    Mr. Davidson introduced the following bill; which was referred to the Committee on Financial Services


A BILL

    To amend the Dodd-Frank Wall Street Reform and Consumer Protection Act to establish an exemption from the credit valuation adjustment calculation for uncleared derivatives transactions with end-users so that United States companies are not disadvantaged, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Derivatives Fairness Act”.

SEC. 2. Credit valuation adjustment relief.

(a) In general.—The Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5361 et seq.), is amended by inserting after section 176 the following new section:

“SEC. 177. Credit valuation adjustment.

“Prudential risk-based capital requirements and generally applicable risk-based capital requirements established by the appropriate Federal banking agencies shall not apply a fair value adjustment to reflect counterparty credit risk in valuation of over-the-counter derivative contracts with respect to transactions with a counterparty that—

“(1) is described under section 2(h)(7)(A) of the Commodity Exchange Act;

“(2) is a person or class of persons that meets any qualifications required by a regulation issued by the Commodity Futures Trading Commission with respect to such person or class of persons qualifying for an exemption under section 4(c)(1) of the Commodity Exchange Act from the requirements of section 2(h)(1)(A) of such Act; or

“(3) is an affiliate that meets the requirements for an exception under section 2(h)(7)(D) of the Commodity Exchange Act.”.

(b) Conforming amendment.—The table of contents in section 1(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5301 note) is amended by inserting after the item relating to section 176 the following new item:

“Sec. 177. Credit valuation adjustment.”.


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