House Agriculture Committee Passes Cross-Border Swaps Bill

WASHINGTON — The House Agriculture Committee passed a bill by unanimous voice vote on Wednesday to address ongoing concerns with the implementation of certain derivatives rules under the Dodd-Frank reform law.

A bipartisan group of lawmakers introduced the bill yesterday, after a discussion draft was circulated earlier this month. The bill, called The Swap Jurisdictional Certainty Act, would require the Securities and Exchange Commission and the Commodity Futures Trading Commission to finalize identical rules regarding cross-border swaps using the formal rulemaking process. It would also generally exempt Group of 20 member countries from U.S. rules. The legislation was introduced by Reps. Scott Garrett, R-N.J., John Carney, D-Del., Mike Conaway, R-Texas, and David Scott, D-Ga.

"The American people — millions still unable to find work — deserve certainty in the marketplace," Garrett said in a press release Wednesday. "Our job creators — millions being crushed by overly burdensome Washington rules and regulations — deserve to be on a fair, level playing field with the international community."