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Union Calendar No. 428
105th CONGRESS
2d Session
H. R. 4393
[Report No. 105-688, Part I]
_______________________________________________________________________
A BILL
To revise the banking and bankruptcy insolvency laws with respect to
the termination and netting of financial contracts, and for other
purposes.
_______________________________________________________________________
September 25, 1998
Committee on the Judiciary discharged; committed to the Committee of
the Whole House on the State of the Union and ordered to be printed
Calendar No. 428
105th CONGRESS
2d Session
H. R. 4393
[Report No. 105-688, Part I]
To revise the banking and bankruptcy insolvency laws with respect to
the termination and netting of financial contracts, and for other
purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
August 4, 1998
Mr. Leach (for himself and Mr. LaFalce) introduced the following bill;
which was referred to the Committee on Banking and Financial Services,
and in addition to the Committees on the Judiciary, and Commerce, for a
period to be subsequently determined by the Speaker, in each case for
consideration of such provisions as fall within the jurisdiction of the
committee concerned
August 21, 1998
Reported from the Committee on Banking and Financial Services
August 21, 1998
Committee on Commerce discharged
August 21, 1998
Referral to the Committee on the Judiciary extended for a period ending
not later than September 25, 1998
September 25, 1998
Committee on the Judiciary discharged; committed to the Committee of
the Whole House on the State of the Union and ordered to be printed
_______________________________________________________________________
A BILL
To revise the banking and bankruptcy insolvency laws with respect to
the termination and netting of financial contracts, 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 ``Financial Contract Netting
Improvement Act of 1998''.
SEC. 2. TREATMENT OF CERTAIN AGREEMENTS BY CONSERVATORS OR RECEIVERS OF
INSURED DEPOSITORY INSTITUTIONS.
(a) Definition of Qualified Financial Contract.--Section
11(e)(8)(D)(i) of the Federal Deposit Insurance Act (12 U.S.C.
1821(e)(8)(D)(i)) is amended by inserting ``, resolution or order''
after ``any similar agreement that the Corporation determines by
regulation''.
(b) Definition of Securities Contract.--Section 11(e)(8)(D)(ii) of
the Federal Deposit Insurance Act (12 U.S.C. 1821(e)(8)(D)(ii)) is
amended to read as follows:
``(ii) Securities contract.--The term
`securities contract'--
``(I) means a contract for the
purchase, sale, or loan of a security,
or any mortgage loan, mortgage related
security (as defined in section
3(a)(41) of the Securities Exchange Act
of 1934) or interest therein, including
an option for the purchase or sale of a
security, certificate of deposit, or
group or index of securities (including
any interest therein or based on the
value thereof) or any option entered
into on a national securities exchange
relating to foreign currencies, or the
guarantee of any settlement of cash or
securities by or to a securities
clearing agency, or any other similar
agreement;
``(II) does not include any
participation in or servicing agreement
for a commercial mortgage loan unless
the Corporation determines by
regulation, resolution, or order to
include any such participation within
the meaning of such term;
``(III) means any option entered
into on a national securities exchange
relating to foreign currencies;
``(IV) means the guarantee by or to
any securities clearing agency of any
settlement of cash, securities,
certificates of deposit, mortgage loans
or interest therein, or group or index
of securities, certificates of deposit,
or mortgage loans or interests therein
(including any interest therein or
based on the value thereof) or option
on any of the foregoing, including
any option to purchase or sell any such security, certificate of
deposit, loan, interest, group or index or option;
``(V) means any margin loan;
``(VI) means any other agreement or
transaction that is similar to any
agreement or transaction referred to in
this clause;
``(VII) means any combination of
the agreements or transactions referred
to in this clause;
``(VIII) means any option to enter
into any agreement or transaction
referred to in this clause;
``(IX) means a master agreement
that provides for an agreement or
transaction referred to in subclause
(I), (II), (III), (IV), (V), (VI) or
(VII), together with all supplements to
any such master agreement, without
regard to whether the master agreement
provides for an agreement or
transaction that is not a securities
contract under this clause, except that
the master agreement shall be
considered to be a securities contract
under this clause only with respect to
each agreement or transaction under the
master agreement that is referred to in
subclause (I), (II), (III), (IV), (V),
(VI) or (VII); and
``(X) means any security agreement
or arrangement or other credit
enhancement related to any agreement or
transaction referred to in this
clause.''.
(c) Definition of Commodity Contract.--Section 11(e)(8)(D)(iii) of
the Federal Deposit Insurance Act (12 U.S.C. 1821(e)(8)(D)(iii)) is
amended to read as follows:
``(iii) Commodity contract.--The term
`commodity contract' means--
``(I) with respect to a futures
commission merchant, a contract for the
purchase or sale of a commodity for
future delivery on, or subject to the
rules of, a contract market or board of
trade;
``(II) with respect to a foreign
futures commission merchant, a foreign
future;
``(III) with respect to a leverage
transaction merchant, a leverage
transaction;
``(IV) with respect to a clearing
organization, a contract for the
purchase or sale of a commodity for
future delivery on, or subject to the
rules of, a contact market or board of
trade that is cleared by such clearing
organization, or commodity option
traded on, or subject to the rules of,
a contact market or board of trade that
is cleared by such clearing
organization;
``(V) with respect to a commodity
options dealer, a commodity option;
``(VI) any other agreement or
transaction that is similar to any
agreement or transaction referred to in
this clause;
``(VII) any combination of the
agreements or transactions referred to
in this clause;
``(VIII) any option to enter into
any agreement or transaction referred
to in this clause;
``(IX) a master agreement that
provides for an agreement or
transaction referred to in subclause
(I), (II), (III), (IV), (V), (VI),
(VII) or (VIII), together with
supplements to any such master
agreement, without regard to whether
the master agreement provides for an
agreement or transaction that is not a
commodity contract under this clause,
except that the master agreement shall
be considered to be a commodity
contract under this clause only with
respect to each agreement or
transaction under the master agreement
that is referred to in subclause (I),
(II), (III), (IV), (V), (VI), (VII) or
(VIII); or
``(X) a security agreement or
arrangement or other credit enhancement
related to any agreement or transaction
referred to in this clause.''.
(d) Definition of Forward Contract.--Section 11(e)(8)(D)(iv) of the
Federal Deposit Insurance Act (12 U.S.C. 1821(e)(8)(D)(iv)) is amended
to read as follows:
``(iv) Forward contract.--The term `forward
contract' means--
``(I) a contract (other than a
commodity contract) for the purchase,
sale, or transfer of a commodity or any
similar good, article, service, right,
or interest which is presently or in
the future becomes the subject of
dealing in the forward contract trade,
or product or byproduct thereof, with a
maturity date more than 2 days after
the date the contract is entered into,
including a repurchase agreement,
consignment, lease, swap, hedge
transaction, deposit, loan, option,
allocated transaction, unallocated
transaction, or any other similar
agreement;
``(II) any combination of
agreements or transactions referred to
in subclauses (I) and (III);
``(III) any option to enter into
any agreement or transaction referred
to in subclause (I) or (II);
``(IV) a master agreement that
provides for an agreement or
transaction referred to in subclauses
(I), (II), or (III), together with all
supplements to any such master
agreement, without regard to whether
the master agreement provides for an
agreement or transaction that is not a
forward contract under this clause,
except that the master agreement shall
be considered to be a forward contract
under this paragraph only with respect
to each agreement or transaction under
the master agreement that is referred
to in subclause (I), (II) or (III); or
``(V) a security agreement or
arrangement or other credit enhancement
related to any agreement or transaction
referred to in subclause (I), (II),
(III) or (IV).''.
(e) Definition of Repurchase Agreement.--Section 11(e)(8)(D)(v) of
the Federal Deposit Insurance Act (12 U.S.C. 1821(e)(8)(D)(v)) is
amended to read as follows:
``(v) Repurchase agreement.--The term
`repurchase agreement' (which also applies to a
reverse repurchase agreement)--
``(I) means an agreement, including
related terms, that provides for the
transfer of certificates of deposit,
mortgage-related securities (as such
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