H.R. 1256, the “Swaps Jurisdiction Certainty Act,” is scheduled for a vote on the floor of the House later this week. This bill threatens to reverse the considerable progress that has been made in recent years to bring transparency, reduce systemic risks, and provide reasonable regulatory oversight to the U.S. swaps markets. It would do so by further delaying implementation of a cross-border policy, creating a system of regulatory oversight easily gamed by large, multi-national swaps dealers, and inappropriately delegating significant responsibility for protecting U.S. markets, and the consumers and businesses who rely on those markets, to foreign regulators that may or may not provide equivalent regulatory protections.