Overview

On December 11, 2009, the House of Representatives passed the Wall Street Reform and Consumer Protection Act of 2009 (the “Financial Reform Legislation”).1 Title III of the Financial Reform Legislation, the Derivatives Markets Transparency and Accountability Act (the “Act”), is based upon the August 11, 2009 proposal of the Obama administration (the “Treasury Proposal”) to provide comprehensive regulation and oversight of the over-the-counter derivatives industry. Since the Treasury Proposal was introduced, a number of different legislative proposals have been introduced in the House and the Senate by various committees. While the Act is based upon the Treasury Proposal, there are significant differences between the two items of legislation, and the Act incorporates a number of provisions from the other legislative proposals as well as amendments that were proposed during floor debate.

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