H. Rept. 115-893 1 (2018-08-07)

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                     115TH CONGRESS                                          REPORT
                        2d Session     HOUSE OF REPRESENTATIVES              115-893







                                      DERIVATIVES FAIRNESS ACT



                      AUGUST 7, 2018.-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. 5323]

                               [Including cost estimate of the Congressional Budget Office]

                       The Committee on Financial Services, to whom was referred the
                     bill (H.R. 5323) to amend the Dodd-Frank Wall Street Reform and
                     Consumer Protection Act to establish an exemption from the credit
                     valuation adjustment calculation for uncleared derivatives trans-
                     actions with end-users so that United States companies are not dis-
                     advantaged, and for other purposes, having considered the same,
                     report favorably thereon with an amendment and recommend that
                     the bill as amended do pass.
                       The amendment is as follows:
                       Strike all after the enacting clause and insert the following:
                     SECTION 1. SHORT TITLE.
                     This Act may be cited as the Derivatives Fairness Act.
                     SEC. 2. CREDIT VALUATION ADJUSTMENT RELIEF.
                     (a) IN GENERAL.-The Dodd-Frank Wall Street Reform and Consumer Protection
                     Act (12 U.S.C. 5361 et seq.), is amended by inserting after section 176 the following
                     new section:
                     SEC. 177. CREDIT VALUATION ADJUSTMENT.
                     Prudential risk-based capital requirements and generally applicable risk-based
                     capital requirements established by the appropriate Federal banking agencies shall
                     not apply a fair value adjustment to reflect counterparty credit risk in valuation of
                     over-the-counter derivative contracts with  respect to transactions with  a
                     counterparty that-
                          (1) is described under section 2(h)(7)(A) of the Commodity Exchange Act;
                        79-006

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