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Brief
The Financial Netting Improvements Act of 2006 (Public Law 109-390) is a legislation aimed at improving the netting process for financial contracts. The Act makes various amendments to the Federal Deposit Insurance Corporation Improvement Act and the Bankruptcy Code to clarify definitions related to netting, including bilateral netting contracts, clearing organization netting contracts, and master netting agreements. The Act also makes technical changes to title 11 of the United States Code regarding the definition of a person, and includes a savings clause to ensure that the amendments do not challenge or affect the characterization, definition, or treatment of any similar terms under other statutes.
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