HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.
![handle is hein.congrecreports/crptxacem0001 and id is 1 raw text is: AUTHENTICATEO
U.S. GOVERNMENT
INFORMATION
Op
115TH CONGRESS REPORT
2d Session HOUSE OF REPRESENTATIVES 115-1119
RESTORING FINANCIAL MARKET FREEDOM ACT OF 2017
JANUARY 2, 2019.-Committed to the Committee of the Whole House on the State
of the Union and ordered to be printed
Mr. HENSARLING, from the Committee on Financial Services,
submitted the following
REPORT
together with
MINORITY VIEWS
[To accompany H.R. 4247]
The Committee on Financial Services, to whom was referred the
bill (H.R. 4247) to repeal title VIII of the Dodd-Frank Wall Street
Reform and Consumer Protection Act, having considered the same,
report favorably thereon without amendment and recommend that
the bill do pass.
PURPOSE AND SUMMARY
On November 11, 2017, Rep. Ted Budd introduced the Restoring
Financial Market Freedom Act of 2017, which repeals Title VIII
of the Dodd-Frank Wall Street Reform and Consumer Protection
Act (Dodd-Frank)(P.L. 111-203), which provides the Financial
Stability Oversight Council (FSOC) the authority to designate cer-
tain payments and clearing organizations as systemically impor-
tant financial market utilities (FMUs). The bill also retroactively
repeals all previous FMU designations.
BACKGROUND AND NEED FOR LEGISLATION
The goal of H.R. 4247 is to promote financial stability and re-
store private sector due diligence and accountability on Financial
Market Utilities (FMUs) so that they are incentivized to engage in
prudent risk management, clearing and settlement activities.
Title VII of the Dodd-Frank Act requires that certain standard-
ized over-the-counter derivatives contracts be cleared through cen-
tral counterparties (CCPs) in order to mitigate any perceived sys-
89-006](ViewImageLocal?handle=hein.congrecreports/crptxacem0001&div=1&collection=&method=preview&ext=.png&size=3)