; and (4) is not subject to any requirement, including the Financial Accounting Standards Board’s Accounting Standard Codification paragraph 815–20–25–43(d)(2), that restricts a covered banking institution from an option to designate a cash flow hedge to the risks of changes in the cash flows attributable to interest rate risk that result from variable cash flows of a held-to-maturity debt security. (b) Definitions In this section: (1) Covered banking institution The term covered banking institution means an insured depository institution or depository institution holding company. (2) Interest rate swap With respect to a covered banking institution, the term interest rate swap means a swap entered into by the covered banking institution for the purpose of hedging against the interest rate risk of debt securities or loans held on the balance sheet of the covered banking institution. (3) Hedge accounting The term hedge accounting means the accounting rules and regulations that enable the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements, including the accounting rules and guidance provided by the Financial Accounting Standards Board. (4) Fair value The term fair value means the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. . (b) Clerical amendment The table of contents in section 1(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended by inserting after the item relating to section 754 the following: Sec. 755. Exemptions for certain interest rate swaps of covered banking institutions. .