; or (bb) if there is no security-based swap data repository that would accept the agreement, contract or transaction, to the Commission. (II) Risk management requirement If at least one counterparty is a security-based swap dealer or major security-based swap participant, the security-based swap shall be subject to a centralized risk management program pursuant to section 15F(j) that is reasonably designed to monitor and to manage the risks associated with the security-based swap. (III) Anti-evasion requirement The security-based swap shall not be structured to evade the Dodd-Frank Wall Street Reform and Consumer Protection Act in violation of any rule promulgated by the Commission pursuant to section 761(b)(3) of such Act. . IX Repeal of the Volcker Rule and Other Provisions 901. Repeals (a) In general The following sections of title VI of the Dodd-Frank Wall Street Reform and Consumer Protection Act are repealed, and the provisions of law amended or repealed by such sections are restored or revived as if such sections had not been enacted: (1) Section 603. (2) Section 618. (3) Section 619. (4) Section 620. (5) Section 621. (b) Clerical amendment The table of contents under section 1(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended by striking the items relating to sections 603, 618, 619, 620, and 621. X Fed Oversight Reform and Modernization 1001. Requirements for policy rules of the Federal Open Market Committee The Federal Reserve Act ( 12 U.S.C. 221 et seq.) is amended by inserting after section 2B the following new section: 2C. Directive Policy Rules of the Federal Open Market Committee (a) Definitions In this section the following definitions shall apply: (1) Appropriate congressional committees The term appropriate congressional committees means the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate. (2) Directive Policy Rule The term Directive Policy Rule means a policy rule developed by the