H.R. 5585, The Financial Netting Improvements Act of 2006

On November 15, 2006, the New York office authored the alert memorandum entitled, “H.R. 5585, The Financial Netting Improvements Act of 2006.” This updated version discusses the House of Representatives’ unanimous vote to pass H.R. 5585, the Financial Netting Improvements Act of 2006 (the “Act”), in the form passed by the Senate at the end of September of this year. The Act will be delivered to President Bush for his signature within the next few weeks, and the Act will become effective upon his signature. The attached memorandum that we previously sent you describes the Act in greater detail. Copies of the Act and its legislative history are also attached.