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GAO-16-850R 1 (2016-08-18)

handle is hein.gao/gaobadsms0001 and id is 1 raw text is: G A U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-328333 August 18, 2016 The Honorable Richard Shelby Chairman The Honorable Sherrod Brown Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Jeb Hensarling Chairman The Honorable Maxine Waters Ranking Member Committee on Financial Services House of Representatives Subject: Department of the Treasury, Office of the Comptroller of the Currency; Federal Reserve System; Federal Deposit Insurance Corporation; Farm Credit Administration; Federal Housing Finance Agency: Margin and Capital Requirements for Covered Swap Entities Pursuant to section 801 (a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Department of the Treasury, Office of the Comptroller of the Currency (OCC); Federal Reserve System (the Board); Federal Deposit Insurance Corporation (FDIC); Farm Credit Administration (FCA); Federal Housing Finance Agency (FHFA) (collectively, the agencies) entitled Margin and Capital Requirements for Covered Swap Entities (RINs: 1557- AD00; 7100-AD74; 3064-AE21; 3052-AC69; 2590-AA45). We received the rule from FCA on July 27, 2016, from FDIC on August 4, 2016, and from the Board on August 17, 2016. It was published in the Federal Register as a final rule on August 2, 2016. 81 Fed. Reg. 50,605. The final rule adopts exemptions from the initial and variation margin requirements published by OCC, the Board, FDIC, FCA, and FHFA (each an agency and, collectively, the agencies) in November 2015 pursuant to sections 731 and 764 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act or the Act). Pursuant to title III of the Terrorism Risk Insurance Program Reauthorization Act of 2015 (TRIPRA), this final rule exempts certain non-cleared swaps and non-cleared security-based swaps with certain financial and non- financial end users that qualify for an exception or exemption from clearing. Enclosed is our assessment of the agencies' compliance with the procedural steps required by section 801(a)(1)(B)(i) through (iv) of title 5 with respect to the rule. Our review of the procedural steps taken indicates that the agencies complied with the applicable requirements. GAO-16-850R

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