Commodity Futures Modernization Act of 2000

The Gramm-Leach-Bliley Act led to the deregulation that created the atmosphere for the subprime lending debacle.  This Act successfully deregulated the banking regulations, allowing for banks to take on various other entities and practices.  For example, following the passing of this Act, Citibank acquired Travelers Insurance, combining banking and insurance activities. 

The Beginning of the Economic Crisis

H.R.5660
Title: To reauthorize and amend the Commodity Exchange Act to promote legal certainty, enhance competition, and reduce systemic risk in markets for futures and over-the-counter derivatives, and for other purposes.
Sponsor: Rep Ewing, Thomas W. [IL-15] (introduced 12/14/2000) Cosponsors (4)
Related Bills: H.R.4577, S.3283
Latest Major Action: 12/14/2000 House committee/subcommittee actions. Status: Referred to the Subcommittee on Finance & Hazardous Materials for a period to be subsequently determined by the Chairman..
Note: H.R. 5660 was incorporated by reference in the conference report to H.R. 4577. H.R. 4577, the Consolidated Appropriations Act 2001, became Public Law 106-554 on 12/21/2000.

The Four Co-Sponsors:

 

 

Rep Bliley, Tom [VA-7] – 12/14/2000 Rep Combest, Larry [TX-19] – 12/14/2000
Rep LaFalce, John J. [NY-29] – 12/14/2000 Rep Leach, James A. [IA-1] – 12/14/2000

SUMMARY AS OF:
12/14/2000–Introduced.

 

TABLE OF CONTENTS:

 

  • Title I: Commodity Futures Modernization
  • Title II: Coordinated Regulation of Security Futures
  • Subtitle A: Securities Law Amendments
  • Subtitle B: Amendments to the Commodity Exchange Act
  • Title III: Legal Certainty for Swap Agreements
  • Title IV: Regulatory Responsibility for Bank Products

Commodity Futures Modernization Act of 2000 – Title I: Commodity Futures Modernization – Amends the Commodity Exchange Act to authorize appropriations for authorities and activities under such Act.

Revises specified provisions, including: (1) over-the-counter derivatives; (2) futures exchange regulation; (3) contracts; (4) prohibited transactions; and (5) boards of trade.

Title II: Coordinated Regulation of Security Futures Products – Subtitle A: Securities Law Amendments – Amends the Securities Exchange Act of 1934 respecting: (1) regulatory relief for markets and intermediaries trading security futures products; and (2) and interagency cooperation.

Subtitle B: Amendments to the Commodity Exchange Act – Amends the Commodity Exchange Act respecting Securities and Exchange Commission jurisdiction.

Title III: Legal Certainty for Swap Agreements – Amends the Gramm-Leach-Bliley Act, the Securities Act of 1933, and the Securities Exchange Act of 1934 respecting swap agreements.

Title IV: Regulatory Responsibility for Bank Products – Legal Certainty for Bank Products Act of 2000 – Excludes specified banking products and swap agreements from Commodity Futures Exchange Commission coverage.

MAJOR ACTIONS:

    ***NONE***

 

ALL ACTIONS:

12/14/2000:
Sponsor introductory remarks on measure. (CR E2181-2182)
12/14/2000:
Referred to the Committee on Agriculture, and in addition to the Committees on Banking and Financial Services, Commerce, and the Judiciary, 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.
12/14/2000:
Referred to House Agriculture
12/14/2000:
Referred to House Banking and Financial Services
12/14/2000:
Referred to House Commerce
12/14/2000:
Referred to the Subcommittee on Finance & Hazardous Materials for a period to be subsequently determined by the Chairman..
12/14/2000:
Referred to House Judiciary