H.R.1676 — Make SWAPs Efficient Act of 2025
House Roll Call
H.R.1676
| Bill | H.R.1676 — Make SWAPs Efficient Act of 2025 |
|---|---|
| Vote question | On Motion to Suspend the Rules and Pass, as Amended |
| Vote type | 2/3 Yea-And-Nay |
| Result | Passed |
| Totals | Yea 400 / Nay 0 / Present 0 / Not Voting 32 |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| R | 202 | 0 | 0 | 17 |
| D | 198 | 0 | 0 | 15 |
| I | 0 | 0 | 0 | 0 |
Research Brief
On Motion to Suspend the Rules and Pass, as Amended
Bill Analysis
Bill Summary: HR 1676 - Make SWAPs Efficient Act of 2025
The Make SWAPs Efficient Act of 2025 (HR 1676) aims to enhance the efficiency and effectiveness of the swap market by amending certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The bill seeks to streamline regulatory requirements for swap dealers and major swap participants, thereby promoting greater market liquidity and reducing compliance costs.
Key Provisions:
- The bill proposes to modify the definition of “swap” to clarify the types of transactions that fall under regulatory scrutiny, thereby reducing ambiguity for market participants.
- It introduces measures to simplify the reporting and recordkeeping obligations for swap transactions, allowing for more efficient data management and oversight.
- The legislation also seeks to establish a framework for the use of technology in swap execution and clearing, encouraging innovation in the financial sector.
Funding and Authorities: While the bill does not allocate specific funding, it empowers the Commodity Futures Trading Commission (CFTC) to implement the proposed changes, which may involve reallocating existing resources to enhance oversight capabilities.
Programs and Agencies Affected: The primary agency impacted by this legislation is the CFTC, which oversees the derivatives markets, including swaps. The bill also affects financial institutions engaged in swap transactions, including banks, hedge funds, and other market participants.
Beneficiaries and Regulation: The primary beneficiaries of HR 1676 are swap dealers and major swap participants who will experience reduced regulatory burdens, potentially leading to lower operational costs and increased market participation. Additionally, the broader financial market may benefit from improved liquidity and efficiency.
Key Timelines: The latest action on the bill occurred with the motion to reconsider laid on the table, which was agreed to without objection. This indicates that the bill has progressed through the legislative process, though specific implementation timelines remain contingent on further legislative actions and CFTC rulemaking.
Yea (400)
K
Ken Calvert
J
Jason Crow
L
Lloyd Doggett
S
Scott Franklin
J
John Garamendi
J
John Mannion
L
Lucy McBath
L
Lisa McClain
J
John Rutherford
D
David Schweikert
P
Pete Sessions
R
Rashida Tlaib
N
Nydia Velázquez
D
Debbie Wasserman Schultz
Not Voting (32)
E
Eric Swalwell
