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So the one I'm going to focus on is the one that was driven by Citibank that would allow a wide range of financial derivatives to be done directly by the bank, which is to say, the insured entity, which is to say, the government would be on the hook if there were losses. And Dodd-Frank was designed to prevent or at least dramatically minimize that. So this is a truly awful bill.
SEC. 2. REFORM OF PROHIBITION ON SWAP ACTIVITY ASSISTANCE.
Section 716 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (15 U.S.C. 8305) is amended--
(1) in subsection (b)--
(A) in paragraph (2)(B), by striking `insured depository institution' and inserting `covered depository institution'; and
(B) by adding at the end the following:
`(3) COVERED DEPOSITORY INSTITUTION- The term `covered depository institution' means--
`(A) an insured depository institution, as that term is defined in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813); and
`(B) a United States uninsured branch or agency of a foreign bank.';
(2) in subsection (c)--
(A) in the heading for such subsection, by striking `Insured' and inserting `Covered';
(B) by striking `an insured' and inserting `a covered';
(C) by striking `such insured' and inserting `such covered'; and
(D) by striking `or savings and loan holding company' and inserting `savings and loan holding company, or foreign banking organization (as such term is defined under Regulation K of the Board of Governors of the Federal Reserve System (12 C.F.R. 211.21(o)))';
reply to post by FyreByrd
I'd ask WTF is wrong with governments these days to allow this kind of crap, but I already know the answer.
Cheers - Dave