Small Business Credit Availability Act

Apr. 25, 2012 | H.R. 3336

This bill offered by Rep. Frank Lucas (R-Okla.) would exempt certain financial institutions that are major players in derivatives trading from provisions of the 2010 Wall Street reform law that would classify those institutions as a type of derivatives trader known as swap dealers. Derivatives trading was a major cause of the 2008 financial crash. The bill would expand loopholes and exemptions covering derivatives already in the Dodd-Frank Wall Street reform law, and would undermine comprehensive oversight of the derivatives market by financial regulatory agencies. H.R. 3336 would have unpredictable and possibly dangerous consequences. The bill passed under a provision known as suspension of the rules that requires a two-thirds majority vote.