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Dodd Frank, JOBS Act Amendments Moved On To House
WASHINGTON (5/8/13)--The House Financial Services Committee took another step toward reforming aspects of the Dodd-Frank Wall Street Reform Act, amending the Jumpstart Our Business Startups (JOBS) Act and addressing some derivatives issues, marking up nine measures and moving them along to the U.S. House in a lengthy Tuesday session.

Committee Chair Rep. Jeb Hensarling (R-Texas) acknowledged that the changes "in some respects are modest," but said they were not insignificant in that they reduce "the sheer weight, volume, complexity, and uncertainty of federal rules and regulations,"

Hensarling said in a release that two of the bills amend the JOBS Act, six would amend Title VII of the Dodd-Frank Act, and one would enhance the economic analysis performed by the Securities and Exchange Commission in carrying out its regulatory responsibilities. The Dodd-Frank Act changes would address unintended consequences of the derivatives provisions of those regulations.

The nine committee-approved bills are:

  • A bill to amend a provision of the Securities Act of 1933 directing the Securities and Exchange Commission to add a particular class of securities to those exempted under such Act to provide a deadline for such action (H.R. 701);
  • The Holding Company Registration Threshold Equalization Act of 2013 (H.R. 801);
  • The Swap Data Repository and Clearinghouse Indemnification Correction Act of 2013 (H.R. 742);
  • The Financial Competitive Act of 2013 (H.R. 1341);
  • The Business Risk Mitigation and Price Stabilization Act of 2013 (H.R. 634);
  • The Inter-Affiliate Swap Clarification Act (H.R. 677);
  • The Swaps Regulatory Improvement Act (H.R. 992);
  • The Swap Jurisdiction Certainty Act (H.R. 1256); and
  • The SEC Regulatory Accountability Act (H.R. 1062).
The next stop for the bills is the House floor.
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