[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2779 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 2779

 To exempt inter-affiliate swaps from certain regulatory requirements 
    put in place by the Dodd-Frank Wall Street Reform and Consumer 
                            Protection Act.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             August 1, 2011

Mr. Stivers (for himself and Ms. Fudge) introduced the following bill; 
   which was 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

_______________________________________________________________________

                                 A BILL


 
 To exempt inter-affiliate swaps from certain regulatory requirements 
    put in place by the Dodd-Frank Wall Street Reform and Consumer 
                            Protection Act.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. TREATMENT OF AFFILIATE TRANSACTIONS.

    (a) Commodity Exchange Act Amendments.--Section 1a(47) of the 
Commodity Exchange Act (7 U.S.C. 1(a)(47)), as added by section 
721(a)(21) of the Dodd-Frank Wall Street Reform and Consumer Protection 
Act, is amended by adding at the end the following:
                    ``(G) Treatment of affiliate transactions.--
                            ``(i) In general.--The term `swap' does not 
                        include any agreement, contract, or transaction 
                        that--
                                    ``(I) would otherwise be included 
                                as a `swap' under subparagraph (A); and
                                    ``(II) is entered into by a party 
                                that is controlling, controlled by, or 
                                under common control with its 
                                counterparty.
                            ``(ii) Reporting.--All agreements, 
                        contracts, or transactions described in clause 
                        (i) shall be reported to either a swap data 
                        repository, or, if there is no swap data 
                        repository that would accept such swaps, to the 
                        Commission pursuant to section 4r within such 
                        time period as the Commission may by rule or 
                        regulation prescribe.''.
    (b) Securities Exchange Act of 1934 Amendments.--Section 3(a)(68) 
of the Securities Exchange Act of 1934 (15 U.S.C. 78c(3)(a)(68)), as 
added by section 761(a)(6) of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act, is amended by adding at the end the following:
                    ``(F) Treatment of affiliate transactions.--
                            ``(i) In general.--The term `security-based 
                        swap' does not include any agreement, contract, 
                        or transaction that--
                                    ``(I) would otherwise be included 
                                as a `security-based swap' under 
                                subparagraph (A); and
                                    ``(II) is entered into by a party 
                                that is controlling, controlled by, or 
                                under common control with its 
                                counterparty.
                            ``(ii) Reporting.--All agreements, 
                        contracts, or transactions described in clause 
                        (i) shall be reported to either a security-
                        based swap data repository, or, if there is no 
                        security-based swap data repository that would 
                        accept such security-based swaps, to the 
                        Commission pursuant to section 13A within such 
                        time period as the Commission may by rule or 
                        regulation prescribe.''.
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