,,ib  ,union ,calendar ,no4 #fbi  #aaeth
 ,,congress  #b;d ,session  ,h4 ,r4     
#egdi  ,report ,no4 #aae-haj  ,,in ,,the
 ,,house ,,of ,,representatives  ,may   
#aj1 #bjah ,mr4 ,hultgren introduced the
 following bill2 which was referred to  
the ,committee on ,financial ,services  
,july #aj1 #bjah;,additional sponsor3   
,mr4 ,foster  ,july #aj1 #bjah ,reported
 with an amendment1 committed to the    
,committee of the ,whole ,house on the  
,state of the ,union1 and ordered to be 
printed ,strike out all after the       
enacting clause and insert the part     
printed in italic ,for text of          
introduced bill1 see copy of bill as    
introduced on ,may #aj1 #bjah  ,a ,,bill
  ,to require the appropriate ,federal  
banking agencies to increase the        
risk-sensitivity of the capital         
treatment of certain centrally cleared  
options1 and for other purposes4  #a4   
,short title ,this ,act may be cited as 
the ,options ,markets ,stability ,act4  
#b4 ,rulemaking ,within #ahj days of the

 date of enactment of this ,act1 the    
,board of ,governors of the ,federal    
,reserve ,system1 the ,federal ,deposit 
,insurance ,corporation1 and the        
,comptroller of the ,currency shall1    
jointly1 issue a proposed rule1 and     
finalize such rule within #cfj days of  
the date of enactment of this ,act1 to  
adopt a methodology for calculating the 
counterparty credit risk exposure1 at   
default1 of a depository institution1   
depository institution holding company1 
or affiliate thereof to a client arising
 from a guarantee provided by the       
depository institution1 depository      
institution holding company1 or         
affiliate thereof to a central          
counterparty in respect of the client's 
performance under a derivative contract 
cleared through that central            
counterparty pursuant to the risk-based 
and leverage-based capital rules        
applicable to depository institutions   
and depository institution holding      
companies under parts #c1 #bag1 and #cbd

 of title #ab1 ,code of ,federal        
,regulations4 ,in issuing such rule1 the
 ,board of ,governors of the ,federal   
,reserve ,system1 the ,federal ,deposit 
,insurance ,corporation1 and the        
,comptroller of the ,currency shall     
consider--  7#a7 the availability of    
liquidity provided by market makers     
during times of high volatility in the  
capital markets2  7#b7 the spread       
between the bid and the quote offered by
 market makers2  7#c7 the preference for
 clearing through central               
counterparties2  7#d7 the safety and    
soundness of the financial system and   
financial stability1 including the      
benefits of central clearing2  7#e7 the 
safety and soundness of individual      
institutions that may centrally clear   
derivatives or options on behalf of a   
client1 including concentration of      
market share2  7#f7 the economic value  
of delta weighting a counterparty's     
position and netting of a counterparty's
 position2  7#g7 the inherent risk of   

the positions2  7#h7 barriers to entry  
for depository institutions1 depository 
institution holding companies1          
affiliates thereof1 and entities not    
affiliated with a depository institution
 or depository institution holding      
company to centrally clear derivatives  
or options on behalf of market makers2  
7#i7 the impact any changes may have on 
the broader capital regime and aggregate
 capital in the system2 and  7#aj7      
consideration of other potential factors
 that impact market making in the       
options market1 including changes in    
market structure4  #c4 ,report to       
,congress ,at the end of the #e-year    
period beginning on the date the final  
rule is issued under section #a1 the    
,board of ,governors of the ,federal    
,reserve ,system shall submit to the    
,committee on ,financial ,services of   
the ,house of ,representatives and the  
,committee on ,banking1 ,housing1 and   
,urban ,affairs of the ,senate a report 
detailing the impact of the final rule  

during such period on the factors       
described under paragraphs 7#a7 through 
7#aj7 of section #b4  ,july #aj1 #bjah  
,reported with an amendment1 committed  
to the ,committee of the ,whole ,house  
on the ,state of the ,union1 and ordered
 to be printed