The Clearing House Association President Paul Saltzman testified before the House Committee on Agriculture Subcommittee on General Farm Commodities and Risk Management in support of two bills. The first bill, H.R. 1838, would clarify the scope of swaps and security-based swaps activities that may be conducted in a bank and would clearly extend the exemptions to the push-out requirement in Section 716 to uninsured U.S. branches and agencies of non-U.S. banks. The second bill, H.R. 3283, would clarify the extent to which the requirements of Title VII applicable to swap and security-based swap transactions would apply extraterritorially and to inter-affiliate transactions. These carefully crafted, bipartisan proposals, will not undermine the new regulatory regime established by Title VII, but will enhance the efficiency of the risk management services provided by banks to their commercial counterparties, and facilitate the banks’ management of the risks to which they are exposed in their business activities. The Clearing House and its members strongly support both bills and urge their swift passage.