Market Oversight Consolidation and OTC Derivatives Regulation Act

Bill: 108-hr-1109
Sponsor: Rep. DeFazio, Peter A. [D-OR-4]
Introduced: 2003-03-06 in the House
Policy area: Finance and Financial Sector
Subjects: Administrative procedure
Advice and consent of the Senate
Brokers
Capital
Civil actions and liability
Commerce
Commodity Futures Trading Commission
Congress
Congressional reporting requirements
Corporation directors
Crime and Law Enforcement
Damages
Derivative securities
District courts
Embezzlement
Employee rights
Executive reorganization
Executives
Federal Reserve System
Federal advisory bodies
Federal employees
Financial services
Fines (Penalties)
Futures trading
Government Operations and Politics
Government attorneys
Imprisonment
Independent regulatory commissions
Information disclosure (Securities law)
Insider trading in securities
Investment advisers
Investors
Jurisdiction
Larceny
Law
Legal fees
Legislation
Liability (Law)
Licenses
Margins (Security trading)
Misconduct in office
Options (Contract)
Presidential appointments
Punitive damages
Securities and Exchange Commission
Securities fraud
Securities industry
Securities regulation
Stock exchanges
Swaps (Finance)
Transfer of employees

Summary:
action_date: 2003-03-06
text: Market Oversight Consolidation and OTC Derivatives Regulation Act - Establishes the Financial Markets Oversight Commission (FMOC) as an independent regulatory commission. Requires a separate division within FMOC with responsibility for functions relating to markets in physical commodities.
Transfers to FMOC all functions of: (1) the Commodity Futures Trading Commission; (2) the Securities and Exchange Commission; and (3) the Board of Governors of the Federal Reserve System pertaining to margin requirements.
Grants the FMOC margin authority with respect to securities and futures.
Establishes in the executive branch the Federal Financial Markets Coordinating Council to: (1) coordinate the regulatory operations of each of the financial oversight agencies represented on the Council; and (2) establish an advisory committee of representatives of the futures, commodities, options, and securities exchanges and the banking industry.
Terminates the Commodity Futures Trading Commission and the Securities and Exchange Commission.
Subjects over-the-counter derivatives dealers and derivatives transactions to the regulatory jurisdiction of the FMOC.
Establishes criminal sanctions for violations of this Act.
Prescribes guidelines for a private right of action against any persons (including officers, directors, governors, and committee members) who willfully aid, abet, counsel, induce, or procure a violation of this Act. Subjects violators to liability for actual and punitive damages in cases of intentional violations. Grants the Federal district courts exclusive jurisdiction of such actions.

Legislative actions:
action_date: 2003-03-17
text: Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.
action_date: 2003-03-12
text: Referred to the Subcommittee on Farm Commodities and Risk Management.
action_date: 2003-03-06
text: Referred to the Committee on Financial Services, and in addition to the Committee on Agriculture, 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.
action_date: 2003-03-06
text: Referred to the Committee on Financial Services, and in addition to the Committee on Agriculture, 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.
action_date: 2003-03-06
text: Referred to the Committee on Financial Services, and in addition to the Committee on Agriculture, 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.
action_date: 2003-03-06
text: Introduced in House
action_date: 2003-03-06
text: Introduced in House