Author: David Schwartz J.D. CPA
On November 15, the House Capital Markets Subcommittee approved legislation that would amend the Employee Retirement Income Security Act, the Commodity Exchange Act, and the Securities Exchange Act to ensure that pension plans can use swaps to hedge risks. HR 3045 creates an exception for ERISA pension plans allowing them to engage in swap transactions without their swap dealer counterparties incorrectly being labeled as fiduciaries.