3.0.0 1317 2023-01-11T13:28:11Z 2023-01-11T13:28:11Z House HR 2015-03-04 114 [Congressional Record Volume 161, Number 37 (Wednesday, March 4, 2015)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Ms. MOORE:H.R. 1317.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8[Page H1617]]]> ssaf00 Agriculture, Nutrition, and Forestry Committee Senate Standing Referred to 2015-11-17T22:20:57Z hsba00 Financial Services Committee House Standing hsba16 Capital Markets Subcommittee Hearings by 2015-04-29T13:32:06Z Reported by 2015-11-16T23:09:10Z Markup by 2015-07-29T13:26:18Z Referred to 2015-03-04T15:04:35Z hsag00 Agriculture Committee House Standing hsag22 Commodity Markets, Digital Assets, and Rural Development Subcommittee Referred to 2015-03-23T20:40:35Z Reported by 2015-10-26T20:26:21Z Markup by 2015-09-30T16:16:15Z Referred to 2015-03-04T15:04:40Z H. Rept. 114-311,Part 2 H. Rept. 114-311,Part 1 Promoting Job Creation and Reducing Small Business Burdens Act 114 37 HR 2015-01-16 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Related bill CRS A bill to amend the Commodity Exchange Act to specify how clearing requirements apply to certain affiliate transactions. 114 876 S 2015-03-26 Referred to the Committee on Agriculture, Nutrition, and Forestry. Related bill CRS Identical bill CRS Commodity End-User Relief Act 114 2289 HR 2015-06-10 Received in the Senate and Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry. Related bill CRS Consolidated Appropriations Act, 2016 114 2029 HR 2015-12-18 Became Public Law No: 114-113. Related bill CRS 2015-11-17 ssaf00 Agriculture, Nutrition, and Forestry Committee Senate Received in the Senate and Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry. IntroReferral 2015-11-16 20:00:56 Motion to reconsider laid on the table Agreed to without objection. Floor H38310 2 House floor actions 2015-11-16 20:00:54 On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H8219-8220) Floor H37300 2 House floor actions 2015-11-16 20:00:54 Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H8219-8220) Floor 8000 9 Library of Congress 2015-11-16 19:49:32 DEBATE - The House proceeded with forty minutes of debate on H.R. 1317. Floor H8D000 2 House floor actions 2015-11-16 19:49:29 Considered under suspension of the rules. (consideration: CR H8219-8221) Floor H30000 2 House floor actions 2015-11-16 19:49:20 Mr. Hensarling moved to suspend the rules and pass the bill, as amended. Floor H30300 2 House floor actions 2015-11-16 Placed on the Union Calendar, Calendar No. 259. Calendars H12410 2 House floor actions U00259 2015-11-16 Reported (Amended) by the Committee on Financial Services. H. Rept. 114-311, Part II. Committee H12200 2 House floor actions hsba00 Financial Services Committee 2015-11-16 Reported (Amended) by the Committee on Financial Services. H. Rept. 114-311, Part II. Committee 5000 9 Library of Congress hsba00 Financial Services Committee 2015-10-26 Reported (Amended) by the Committee on Agriculture. H. Rept. 114-311, Part I. Committee H12200 2 House floor actions hsag00 Agriculture Committee 2015-10-26 Reported (Amended) by the Committee on Agriculture. H. Rept. 114-311, Part I. Committee 5000 9 Library of Congress hsag00 Agriculture Committee 2015-09-30 hsag00 Agriculture Committee 1 House committee actions Ordered to be Reported (Amended). Committee 2015-09-30 hsag00 Agriculture Committee 1 House committee actions Committee Consideration and Mark-up Session Held. Committee 2015-07-29 hsba00 Financial Services Committee 1 House committee actions Ordered to be Reported (Amended) by the Yeas and Nays: 57 - 0. Committee 2015-07-29 hsba00 Financial Services Committee 1 House committee actions Committee Consideration and Mark-up Session Held. Committee 2015-04-29 hsba16 Capital Markets Subcommittee 1 House committee actions Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral. Committee 2015-03-23 hsag22 Commodity Markets, Digital Assets, and Rural Development Subcommittee 1 House committee actions Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit. Committee 2015-03-04 Referred to the Committee on Financial Services, and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hsag00 Agriculture Committee 2015-03-04 Referred to the Committee on Financial Services, and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100-A 9 Library of Congress 2015-03-04 Referred to the Committee on Financial Services, and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2015-03-04 Introduced in House IntroReferral Intro-H 9 Library of Congress 2015-03-04 Introduced in House IntroReferral 1000 9 Library of Congress M001160 Rep. Moore, Gwen [D-WI-4] Gwen Moore D WI 4 N F000455 Rep. Fudge, Marcia L. [D-OH-11] Marcia Fudge D OH L. 11 2015-03-04 True G000564 Rep. Gibson, Christopher P. [R-NY-19] Christopher Gibson R NY P. 19 2015-03-04 True S001187 Rep. Stivers, Steve [R-OH-15] Steve Stivers R OH 15 2015-03-04 True 2015-09-11T19:31:52Z H.R. 1317, a bill to amend the Commodity Exchange Act and the Securities Exchange Act of 1934 to specify how clearing requirements apply to certain affiliate transactions, and for other purposes https://www.cbo.gov/publication/50814 As ordered reported by the House Committee on Financial Services on July 29, 2015 2015-10-19T23:00:27Z H.R. 1317, a bill to amend the Commodity Exchange Act and the Securities Exchange Act of 1934 to specify how clearing requirements apply to certain affiliate transactions, and for other purposes https://www.cbo.gov/publication/50905 As ordered reported by the House Committee on Agriculture on September 30, 2015 Finance and Financial Sector Commodities markets Securities Finance and Financial Sector 00 2015-03-04 Introduced in House 2015-03-27T19:47:59Z Amends the Commodity Exchange Act and the Securities Exchange Act of 1934 to revise the treatment of affiliate transactions that may be exempt from clearing requirements to authorize such an exemption only if the affiliate enters into the swap to hedge or mitigate the commercial risk of the person that is not a financial entity (as under current law), provided that an appropriate credit support measure or other mechanism must be used if the hedge or mitigation of commercial risk is addressed by entering into a swap with either: (1) a swap dealer or major swap participant, or (2) a security-based swap with a security-based swap dealer or major security-based swap participant.

]]> 18 2015-10-26 Reported to House amended, Part I 2016-03-25T20:04:40Z (Sec. 1) This bill amends the Commodity Exchange Act and the Securities Exchange Act of 1934 regarding clearing requirements for certain affiliate swap transactions to revise the conditions under which an affiliate of a person that qualifies for an exception from clearing requirements may itself qualify for such exceptions.

The affiliate must be:

  • directly and wholly-owned by another affiliate qualified for the exception or an entity that is not a financial entity;
  • not indirectly majority-owned by a financial entity;
  • not ultimately owned by a parent company that is a financial entity; and
  • an affiliate that does not provide any services, financial or otherwise, to any affiliate that is a nonbank financial company supervised by the Board of Governors of the Federal Reserve System.

The bill disqualifies for the exceptions, however, any affiliate that is:

  • a swap dealer, a security-based swap dealer, a major swap participant, a major security-based swap participant, or a commodity pool (all disqualified under current law);
  • a bank holding company (not, as under current law, only a bank holding company with over $50 billion in consolidated assets);
  • a specified kind of private fund;
  • an employee benefit plan or government plan under the Employee Retirement Income Security Act of 1974 (ERISA);
  • an insured depository institution;
  • a farm credit system institution;
  • a credit union;
  • a nonbank financial company supervised by the Federal Reserve Board; or
  • an entity engaged in the business of insurance and subject to state or foreign government capital requirements.

Unless the Commodity Futures Trading Commission or the Securities and Exchange Commission determines it is in the public interest, however, the exception from clearing requirements shall not apply to an affiliate that is itself affiliated with: (1) a major security-based swap participant; (2) a security-based swap dealer; (3) a major swap participant; or (4) a swap dealer.

An affiliate that does qualify for the exception from clearing requirements may not enter into any swap other than to hedge or mitigate commercial risk.

The bill also prohibits the affiliate, and any person affiliated with the affiliate that is not a financial entity, from:

  • entering into a swap with or on behalf of any affiliate that is a financial entity; or
  • otherwise assuming, netting, combining, or consolidating the risk of swaps entered into by any such financial entity, except an affiliate that qualifies for the exception from clearing requirements.

Any swap entered into by an affiliate that qualifies for the exception from clearing requirements shall be subject to the affiliate's centralized risk management program, provided it is designed both to: (1) monitor and manage swap associated risks, and (2) identify each affiliate upon whose behalf a swap was entered into.

]]> 36 2015-11-16 Passed House amended 2016-03-25T20:05:03Z (This measure has not been amended since it was reported to the House on October 26, 2015. The summary of that version is repeated here.)

(Sec. 1) This bill amends the Commodity Exchange Act and the Securities Exchange Act of 1934 regarding clearing requirements for certain affiliate swap transactions to revise the conditions under which an affiliate of a person that qualifies for an exception from clearing requirements may itself qualify for such exceptions.

The affiliate must be:

  • directly and wholly-owned by another affiliate qualified for the exception or an entity that is not a financial entity;
  • not indirectly majority-owned by a financial entity;
  • not ultimately owned by a parent company that is a financial entity; and
  • an affiliate that does not provide any services, financial or otherwise, to any affiliate that is a nonbank financial company supervised by the Board of Governors of the Federal Reserve System.

The bill disqualifies for the exceptions, however, any affiliate that is:

  • a swap dealer, a security-based swap dealer, a major swap participant, a major security-based swap participant, or a commodity pool (all disqualified under current law);
  • a bank holding company (not, as under current law, only a bank holding company with over $50 billion in consolidated assets);
  • a specified kind of private fund;
  • an employee benefit plan or government plan under the Employee Retirement Income Security Act of 1974 (ERISA);
  • an insured depository institution;
  • a farm credit system institution;
  • a credit union;
  • a nonbank financial company supervised by the Federal Reserve Board; or
  • an entity engaged in the business of insurance and subject to state or foreign government capital requirements.

Unless the Commodity Futures Trading Commission or the Securities and Exchange Commission determines it is in the public interest, however, the exception from clearing requirements shall not apply to an affiliate that is itself affiliated with: (1) a major security-based swap participant; (2) a security-based swap dealer; (3) a major swap participant; or (4) a swap dealer.

An affiliate that does qualify for the exception from clearing requirements may not enter into any swap other than to hedge or mitigate commercial risk.

The bill also prohibits the affiliate, and any person affiliated with the affiliate that is not a financial entity, from:

  • entering into a swap with or on behalf of any affiliate that is a financial entity; or
  • otherwise assuming, netting, combining, or consolidating the risk of swaps entered into by any such financial entity, except an affiliate that qualifies for the exception from clearing requirements.

Any swap entered into by an affiliate that qualifies for the exception from clearing requirements shall be subject to the affiliate's centralized risk management program, provided it is designed both to: (1) monitor and manage swap associated risks, and (2) identify each affiliate upon whose behalf a swap was entered into.

]]> To amend the Commodity Exchange Act and the Securities Exchange Act of 1934 to specify how clearing requirements apply to certain affiliate transactions, and for other purposes. Display Title To amend the Commodity Exchange Act and the Securities Exchange Act of 1934 to specify how clearing requirements apply to certain affiliate transactions, and for other purposes. Official Title as Introduced To amend the Commodity Exchange Act and the Securities Exchange Act of 1934 to specify how clearing requirements apply to certain affiliate transactions, and for other purposes. Introduced in House IH Referred in Senate 2015-11-17T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr1317rfs/xml/BILLS-114hr1317rfs.xml Reported in House 2015-11-16T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr1317rh/xml/BILLS-114hr1317rh.xml Engrossed in House 2015-11-16T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr1317eh/xml/BILLS-114hr1317eh.xml Introduced in House 2015-03-04T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr1317ih/xml/BILLS-114hr1317ih.xml 2015-11-17 Received in the Senate and Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.