Financial Competitive Act of 2013

Bill: 113-hr-1341
Sponsor: Rep. Fincher, Stephen Lee [R-TN-8]
Introduced: 2013-03-21 in the House
Policy area: Finance and Financial Sector
Subjects: Bank accounts, deposits, capital
Banking and financial institutions regulation
Competitiveness, trade promotion, trade deficits
Congressional oversight
Government studies and investigations
Securities

Summary:
action_date: 2013-03-21
text: 
Financial Competitive Act of 2013 - Directs the Financial Stability Oversight Council to study and report to Congress on the likely effects that differences between the United States and other jurisdictions in implementing the derivatives credit valuation adjustment capital requirement would have on: (1) U.S. financial institutions that conduct derivatives transactions and participate in derivatives markets, (2) end users of derivatives, and (3) international derivatives markets. 
 
Requires the study to recommend steps Congress and the contituent agencies of the Council should take to: (1) minimize any expected negative effects on U.S. financial institutions, derivatives markets, and end users; and (2) encourage greater international consistency in implementation of internationally agreed capital, liquidity, and other prudential standards. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

action_date: 2013-06-28
text: 
Financial Competitive Act of 2013 - Directs the Financial Stability Oversight Council (FSOC) to study and report to Congress on the likely effects that differences between the United States and other jurisdictions in implementing the derivatives credit valuation adjustment capital requirement would have upon: (1) U.S. financial institutions that conduct derivatives transactions and participate in derivatives markets, (2) end users of derivatives, and (3) international derivatives markets. 
 
Requires the study to recommend steps Congress and the constituent agencies of the FSOC should take to: (1) minimize any expected negative effects on U.S. financial institutions, derivatives markets, and end users; (2) encourage greater international consistency in implementation of internationally agreed capital, liquidity, and other prudential standards; and (3) ensure that the FSOC fulfills its statutory mandate to identify risks and respond to emerging threats to financial stability.
 
 

action_date: 2013-07-08
text: 

(This measure has not been amended since it was reported to the House on June 28, 2013. The summary of that version is repeated here.)

 
Financial Competitive Act of 2013 - Directs the Financial Stability Oversight Council (FSOC) to study and report to Congress on the likely effects that differences between the United States and other jurisdictions in implementing the derivatives credit valuation adjustment capital requirement would have upon: (1) U.S. financial institutions that conduct derivatives transactions and participate in derivatives markets, (2) end users of derivatives, and (3) international derivatives markets. 
 
Requires the study to recommend steps Congress and the constituent agencies of the FSOC should take to: (1) minimize any expected negative effects on U.S. financial institutions, derivatives markets, and end users; (2) encourage greater international consistency in implementation of internationally agreed capital, liquidity, and other prudential standards; and (3) ensure that the FSOC fulfills its statutory mandate to identify risks and respond to emerging threats to financial stability.


Legislative actions:
action_date: 2013-07-09
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2013-07-08
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2013-07-08
text: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 353 - 24 (Roll no. 305). (text: CR H4181)
action_date: 2013-07-08
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 353 - 24 (Roll no. 305).(text: CR H4181)
action_date: 2013-07-08
text: Considered as unfinished business. (consideration: CR H4186)
action_date: 2013-07-08
text: At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
action_date: 2013-07-08
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 1341.
action_date: 2013-07-08
text: Considered under suspension of the rules. (consideration: CR H4181-4182)
action_date: 2013-07-08
text: Mr. Fincher moved to suspend the rules and pass the bill, as amended.
action_date: 2013-06-28
text: Placed on the Union Calendar, Calendar No. 96.
action_date: 2013-06-28
text: Committee on Agriculture discharged.
action_date: 2013-06-28
text: Committee on Agriculture discharged.
action_date: 2013-06-28
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 113-134, Part I.
action_date: 2013-06-28
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 113-134, Part I.
action_date: 2013-05-07
text: Ordered to be Reported (Amended) by the Yeas and Nays: 59 - 0.
action_date: 2013-05-07
text: Committee Consideration and Mark-up Session Held.
action_date: 2013-04-23
text: Referred to the Subcommittee on General Farm Commodities and Risk Management.
action_date: 2013-04-11
text: Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.
action_date: 2013-03-21
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: 2013-03-21
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: 2013-03-21
text: Sponsor introductory remarks on measure. (CR E356-357)
action_date: 2013-03-21
text: Introduced in House
action_date: 2013-03-21
text: Introduced in House