I am pleased to support this final rule, which codifies existing relief from the Commission’s requirement that certain commonly traded interest rate swaps and credit default swaps be cleared following their execution.[1]  The new exemptions may be elected by several classes of counterparties that may enter into these swaps, namely:  sovereign nations; central banks; “international financial institutions” of which sovereign nations are members; bank holding companies, and savings and loan holding companies, whose assets total no more than $10 billion; and community development financial institutions recognized by the U.S. Treasury Department.  Today’s final rule notes that many of these entities have actually relied on existing relief, electing not to clear swaps that are generally subject to the clearing requirement.  I strongly support the policy of international “comity” described in the final rule, recognizing that sovereign nations and their instrumentalities should generally not be subject to the Commission’s regulations.  I trust that by issuing this rule, the United States, the Federal Reserve, and other U.S. government instrumentalities will receive the same treatment in foreign jurisdictions.