Statement of CFTC Chairman J. Christopher Giancarlo on Amendments to Clearing Exemption for Swaps Entered Into by Certain Bank Holding Companies, Savings and Loan Holding Companies, and Community Development Financial Institutions

August 23, 2018

Consistent with the overall goals of Project KISS, this proposal would codify Commission policy laid out in the preamble to the 2012 End-User Exception final rule and several staff no-action letters.  It will also provide clarity and reduce unnecessary burdens on bank holding companies and savings and loan holding companies with consolidated assets of $10 billion or less, and certain community development financial institutions.

I want to thank Commission staff for their intelligent work on this proposal.  I am grateful to Commissioners Quintenz and Behnam and for their thoughtful input and unanimous support.