Risk Management for Derivatives Clearing Organizations Act

Risk Management for Derivatives Clearing Organizations Act

This bill allows derivatives clearing organizations and clearing agencies to maintain accounts at a Federal Reserve Bank.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5767 Introduced in House (IH)]

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117th CONGRESS
  1st Session
                                H. R. 5767

To amend the Dodd-Frank Wall Street Reform and Consumer Protection Act 
  to permit certain non-designated clearinghouses access to a deposit 
  account at a Federal reserve bank, to apply certain risk management 
 standards to non-designated clearinghouses receiving certain services 
          from a Federal reserve bank, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 28, 2021

Mr. Cleaver (for himself and Mr. David Scott of Georgia) 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 permit certain non-designated clearinghouses access to a deposit 
  account at a Federal reserve bank, to apply certain risk management 
 standards to non-designated clearinghouses receiving certain services 
          from a Federal reserve bank, 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 ``Risk Management for Derivatives 
Clearing Organizations Act''.

SEC. 2. ACCESS TO FEDERAL RESERVE BANK ACCOUNTS AND SERVICES.

    Section 806 of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act (12 U.S.C. 5465) is amended--
            (1) in subsection (a)--
                    (A) by striking ``a designated financial market 
                utility and'' and inserting ``a designated financial 
                market utility, a derivatives clearing organization 
                registered with the Commodity Futures Trading 
                Commission under the Commodity Exchange Act that has 
                been approved to hold such an account by the Commodity 
                Futures Trading Commission, or a clearing agency 
                registered with the Commission under the Securities 
                Exchange Act of 1934 that has been approved to hold 
                such an account by the Commission, and'';
                    (B) by striking ``designated financial market 
                utility that'' and inserting ``financial market utility 
                that''; and
                    (C) by inserting after ``by the Board of 
                Governors'' the following: ``, as well as any 
                applicable rules, orders, standards, or guidelines, 
                including, in particular, liquidity requirements, 
                prescribed by the financial market utility's primary 
                financial regulatory agency. Access to discount and 
                borrowing privileges may only be provided to a 
                financial market utility in accordance with subsection 
                (b)'';
            (2) in subsection (c), by striking ``designated financial 
        market utility'' and inserting ``financial market utility''; 
        and
            (3) in subsection (d), by striking ``designated financial 
        market utility'' each place such term appears and inserting 
        ``financial market utility''.
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