This hearing looked at three pieced of legislation;

H.R. 3283, a bill authored by Cong. Himes amending the 1934 Securities Act and the Commodities Exchange Act to provide an exemption for certain swaps and security-based swaps involving non-U.S. persons.

H.R. 1838, Cong Hayworth’s bill to repeal Section 716 of the Dodd/Frank Act that required financial institutions to conduct certain swap transactions in subsidiaries and

H.R. 4235, legislation sponsored by Cong. Dold that amends the indemnification requirement for regulatory authorities to obtain access to swap data required to be provided by swap entities under the Act.

Four industry witnesses strongly supported the enactment of these bills, largely portraying them as technical improvements or the elimination of unintended consequences of the new law. Despite some bipartisan support, a number of Subcommittee Members did raise unanswered questions about the scope of some of the exemptions provided in these bills.