2015: Schweikert Voted For Modifying Some Of Dodd-Frank's Requirements, Including Creating An Exemption On Divestment For Banks As Part Of The Volcker Rule. In January 2015, Schweikert voted for modifying some of Dodd-Frank's requirements including creating an exemption on divestment for banks as part of the Volcker rule. According to Congressional Quarterly, the bill would have "modifie[d] Dodd-Frank requirements involving derivatives for certain parties in an effort to reduce the impact of those rules on those entities. [...] The measure creates an exemption for banks to divest themselves of certain collateralized loan obligations (CLOs) and extends until July 21, 2017, the date by which banks must divest themselves of other CLOs. If the reason a bank is deemed to have an ownership interest in the CLO is based solely on the fact that it has the right to vote to remove a manager for cause, the bank is allowed to retain the CLO indefinitely. For all other ownership criteria, the measure extends the time period for divestment for two years for all CLOs issued before Jan. 31, 2014. It also defines a CLO as an asset-backed security that consists primarily of commercial loans. The so-called Volcker Rule treats collateralized loan obligations (CLOs) as hedge funds." The underlying "modifie[d] numerous requirements under Dodd-Frank and other financial services laws in an effort to reduce the impact of those laws on certain entities and spur business growth." The vote was on passage. The House passed the legislation by a vote of 271 to 154. The Senate took no substantive action on the legislation. [House Vote 37, 1/14/15; Congressional Quarterly, 1/5/15; Congressional Actions, H.R. 37]
2014: Schweikert Voted Against Requiring Regulators To Investigate Derivatives Traders That Have Evaded U.S. Derivatives Regulations By Moving Out Of The Country. In June 2014, Schweikert effectively voted against an amendment that, according to Congressional Quarterly, "would [have] require[d] an investigation and report on the number of swap and security-based swap market participants that have moved their headquarters or operations out of the U.S. to avoid compliance with swaps requirements. It would urge the Commodity Futures Trading Commission to use its authority to curb excessive speculation and price distortion for energy swaps and commodities." According to a separate Congressional Quarterly article, the underlying bill "would reauthorize the Commodity Futures Trading Commission through 2018 and would largely exempt end users, or nonfinancial companies that use derivatives to hedge risks from tough rules on derivatives under the 2010 financial regulatory overhaul known as Dodd-Frank." The vote was on a motion to recommit the bill to the House Agriculture Committee with instructions that it be reported back immediately with the specified amendment. The House rejected the motion by a vote of 191 to 220. [House Vote 348, 6/24/14; Congressional Quarterly, 6/24/14; Congressional Quarterly, 6/24/14; Congressional Actions, H.R. 4413]
Motion's Sponsor Said Her Amendment Would Combat Energy Speculation-Driven Gas Price Increases, Tell Americans About Companies That Have Moved Overseas To Evade U.S. Trading Rules, And Ensure That Foreign Companies Had To Abide By U.S. Rules Against Market Fraud And Manipulation. According to the Congressional Record, Rep. Ann McLane Kuster (D-NH), the motion's sponsor, said, "My amendment would help keep gas prices in check by requiring that the CFTC use its full authority to immediately curb excessive speculation and price distortion in economic markets. In addition, this amendment would require the CFTC to report when companies move their operations abroad simply to avoid the rules governing U.S. markets. When companies relocate their headquarters or outsource jobs to evade consumer protections, the American people deserve to know. Finally, my amendment would ensure that foreign businesses comply with U.S. laws to prevent fraud and manipulation in our markets. American companies must already follow antifraud and anti-manipulation [sic] rules, which protect consumers and the integrity of our markets. Surely, we can all agree that foreign companies must also follow the same safeguards against fraud and abuse that apply to American companies." [Congressional Record, 6/24/14]
Opponent Argued That The Proposed Amendment Presented New And Unknown Language, And That Those Concerned About Gas Prices Should Instead Support House Republicans' Energy Production Proposals. According to the Congressional Record, House Agriculture Committee chairman Frank Lucas (R-OK) said, "I must say, though, in all respect to my colleague, I don't believe this particular language ever came up in any of the markups; so I must respectfully, in that regard, say that this is the wrong hour to be suggesting this language. But I will go farther than that to say to my friends, if you are concerned about the price of fuel, if you are concerned about the availability of energy for industry and for individuals, we have some really good legislation out here that you should consider. You should be looking at H.R. 3301, the North American Energy Infrastructure Act; you should be looking at H.R. 6, the Domestic Prosperity and Global Freedom Act; you should be looking at H.R. 4899, the Lowering Gasoline Prices to Fuel an America That Works Act. If you really want to make a difference, work for those pieces of legislation, support those pieces of legislation; but otherwise, let's take the bill that has been so carefully crafted, let's reject the motion to recommit with instructions, and let's just pass the bill." [Congressional Record, 6/24/14]
2015: Schweikert Voted For Modifying Some Of Dodd-Frank's Requirements Involving Derivatives For Company Affiliates. In January 2015, Schweikert voted for modifying some of Dodd-Frank's requirements involving derivatives for company affiliates. According to Congressional Quarterly, the bill would have "modifie[d] Dodd-Frank requirements involving derivatives for certain parties in an effort to reduce the impact of those rules on those entities. [...] The bill generally exempts certain swap and securities-based swap transactions from various requirements when those transactions are between parties that prepare their financial statements in combination with a parent company or with an affiliate --- including by clarifying that interaffiliate swaps need not be cleared if an appropriate credit support measure is used when a swap is made with a swap dealer or major swap participant and the affiliate entered into the swap to hedge or mitigate commercial risk." The underlying "modifie[d] numerous requirements under Dodd-Frank and other financial services laws in an effort to reduce the impact of those laws on certain entities and spur business growth." The vote was on passage. The House passed the legislation by a vote of 271 to 154. The Senate took no substantive action on the legislation. [House Vote 37, 1/14/15; Congressional Quarterly, 1/5/15; Congressional Actions, H.R. 37]
2015: Schweikert Voted For Modifying Numerous Provisions From Dodd-Frank, Including Modifying Requirements For Derivatives For Company Affiliates. In January 2015, Schweikert voted for a bill modifying numerous provisions from Dodd-Frank, a law enacted in response to the recent financial crisis, including modifying requirements for derivatives for company affiliates. According to Congressional Quarterly, "This bill modifies numerous requirements under Dodd-Frank and other financial services laws in an effort to reduce the impact of those laws on certain entities and spur business growth. Among its provisions, it exempts certain end users of derivatives from margin calls and allows issuers of securities to submit a disclosures report aimed at increasing investor comprehension. It also exempts certain entities from Securities and Exchange Commission (SEC) registration requirements, and includes several provisions to help emerging growth companies raise capital and grow. [...] The measure modifies Dodd-Frank requirements involving derivatives for certain parties in an effort to reduce the impact of those rules on those entities. [...] The bill generally exempts certain swap and securities-based swap transactions from various requirements when those transactions are between parties that prepare their financial statements in combination with a parent company or with an affiliate --- including by clarifying that interaffiliate swaps need not be cleared if an appropriate credit support measure is used when a swap is made with a swap dealer or major swap participant and the affiliate entered into the swap to hedge or mitigate commercial risk." The vote was on a motion to suspend the rules and pass the bill, which required a two-thirds majority to succeed. The House rejected the bill by a vote of 276 to 146. The bill later came up for a vote and passed the House 271 to 154. The bill died in the Senate. [House Vote 9, 1/7/15; Congressional Quarterly, 1/5/15; House Vote 37, 1/14/15; Congressional Quarterly, Accessed 9/30/15; Congressional Actions, H.R. 37]
2015: Schweikert Voted For Modifying Numerous Provisions From Dodd-Frank, Including Modifying Requirements For Derivatives For Collateralized Loan Obligations. In January 2015, Schweikert voted for a bill modifying numerous provisions from Dodd-Frank, a law enacted in response to the recent financial crisis, including modifying requirements for derivatives for collateralized loan obligations. According to Congressional Quarterly, "This bill modifies numerous requirements under Dodd-Frank and other financial services laws in an effort to reduce the impact of those laws on certain entities and spur business growth. Among its provisions, it exempts certain end users of derivatives from margin calls and allows issuers of securities to submit a disclosures report aimed at increasing investor comprehension. It also exempts certain entities from Securities and Exchange Commission (SEC) registration requirements, and includes several provisions to help emerging growth companies raise capital and grow. [...] The measure modifies Dodd-Frank requirements involving derivatives for certain parties in an effort to reduce the impact of those rules on those entities. [...] The measure creates an exemption for banks to divest themselves of certain collateralized loan obligations (CLOs) and extends until July 21, 2017, the date by which banks must divest themselves of other CLOs." The vote was on a motion to suspend the rules and pass the bill, which required a two-thirds majority to succeed. The House rejected the bill by a vote of 276 to 146. The bill later came up for a vote and passed the House 271 to 154. The bill died in the Senate. [House Vote 9, 1/7/15; Congressional Quarterly, 1/5/15; House Vote 37, 1/14/15; Congressional Quarterly, Accessed 9/30/15; Congressional Actions, H.R. 37]
2015: Schweikert Voted For Modifying Some Of Dodd-Frank's Requirements Involving Derivatives For End Users. In January 2015, Schweikert voted for modifying some of Dodd-Frank's requirements involving derivatives for end users. According to Congressional Quarterly, the bill would have "modifie[d] Dodd-Frank requirements involving derivatives for certain parties in an effort to reduce the impact of those rules on those entities. [...] [it] clarifies that certain entities (so-called 'end users') who trade in derivatives are not subject to margin requirements for those derivatives [...] it exempts from margin requirements those swaps where one of the counterparties is not a financial entity and is using swaps to hedge commercial risk." The underlying "modifie[d] numerous requirements under Dodd-Frank and other financial services laws in an effort to reduce the impact of those laws on certain entities and spur business growth." The vote was on passage. The House passed the legislation by a vote of 271 to 154. The Senate took no substantive action on the legislation. [House Vote 37, 1/14/15; Congressional Quarterly, 1/5/15; Congressional Actions, H.R. 37]
2015: Schweikert Voted For Modifying Numerous Provisions From Dodd-Frank, Including Modifying Requirements For Derivatives For End Users. In January 2015, Schweikert voted for a bill modifying numerous provisions from Dodd-Frank, a law enacted in response to the recent financial crisis, including modifying requirements for derivatives for end users. According to Congressional Quarterly, "This bill modifies numerous requirements under Dodd-Frank and other financial services laws in an effort to reduce the impact of those laws on certain entities and spur business growth. Among its provisions, it exempts certain end users of derivatives from margin calls and allows issuers of securities to submit a disclosures report aimed at increasing investor comprehension. It also exempts certain entities from Securities and Exchange Commission (SEC) registration requirements, and includes several provisions to help emerging growth companies raise capital and grow. [...] The measure modifies Dodd-Frank requirements involving derivatives for certain parties in an effort to reduce the impact of those rules on those entities. [...] The bill clarifies that certain entities (so-called 'end users') who trade in derivatives are not subject to margin requirements for those derivatives." The vote was on a motion to suspend the rules and pass the bill, which required a two-thirds majority to succeed. The House rejected the bill by a vote of 276 to 146. The bill later came up for a vote and passed the House 271 to 154. The bill died in the Senate. [House Vote 9, 1/7/15; Congressional Quarterly, 1/5/15; House Vote 37, 1/14/15; Congressional Quarterly, Accessed 9/30/15; Congressional Actions, H.R. 37]
2017: Schweikert Voted For Legislation That Would Have Repealed Significant Portions Of Dodd-Frank, Including Repealing The Volcker Rule. In June 2017, Schweikert voted for the Financial Choice Act. According to NPR, "House Republicans voted Thursday to deliver on their promise to repeal Dodd-Frank --- the massive set of Wall Street regulations President Barack Obama signed into law after the 2008 financial crisis. In a near party-line vote, the House approved a bill, dubbed the Financial Choice Act, which scales back or eliminates many of the post-crisis banking rules. [...] Hensarling's nearly 600-page bill would defang Dodd-Frank by repealing the so-called Volcker Rule, which prevents government-insured banks from making risky bets with investments." The vote was on passage. The House passed the bill by a vote of 233 to 186. The Senate took no substantive action on the legislation. [House Vote 299, 6/8/17; NPR, 6/8/17; Congressional Actions, H.R. 10]
The Volker Rule Prevented Banks That Have Federally Insured Depositors From Using Their Own Money For Proprietary Trading And Thus Preventing Banks From Repeating Some Of The Mistakes That Lead To The Great Recession. According to Congressional Quarterly, "The measure repeals the Volcker rule included in Dodd-Frank, which prohibits banks that hold the funds of federally-insured depositors from using their own funds for proprietary trading to increase their own profits, or from maintaining certain relationships with 'risky' hedge funds and private equity funds. The goal of the Volcker Rule is to prevent banks from making the types of speculative investments that contributed to the 2008 financial crisis. Critics, however, say the rule does not actually address any of the problems that led to the financial crisis and that it is unwieldy and essentially unworkable, while supporters of the rule say it is needed to prevent banks from gambling with the taxpayer-backed funds of depositors." [Congressional Quarterly, 6/7/17]
Repealing The Volker Rule Would Increase Large Banking Intuitions Profits By More Than $2 Billion In 2018. According to the Washington Post, "The Volcker Rule, which restricts big banks' ability to make certain risky financial bets, would be repealed. Doing away with that provision alone could boost profits at big banks by more than $2 billion next year, according to Nomura." [Washington Post, 6/9/17]