[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6162 Introduced in House (IH)]

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115th CONGRESS
  2d Session
                                H. R. 6162

 To amend the Commodity Exchange Act to exempt certain small entities 
    dealing in foreign exchange that serve small- and medium-sized 
businesses from certain capital and margin requirements, and for other 
                               purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 20, 2018

 Mrs. Love (for herself and Mr. David Scott of Georgia) introduced the 
   following bill; which was referred to the Committee on Agriculture

_______________________________________________________________________

                                 A BILL


 
 To amend the Commodity Exchange Act to exempt certain small entities 
    dealing in foreign exchange that serve small- and medium-sized 
businesses from certain capital and margin requirements, and for other 
                               purposes.

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

SECTION 1. APPLICABILITY OF CAPITAL AND MARGIN REQUIREMENTS TO 
              COUNTERPARTIES.

    Section 4s(e)(4) of the Commodity Exchange Act (7 U.S.C. 6s(e)(4)) 
is amended--
            (1) by striking ``counterparty qualifies'' and inserting 
        the following: ``counterparty--
                    ``(A) qualifies'';
            (2) in subparagraph (A) (as so designated), by striking the 
        period at the end and inserting ``; or''; and
            (3) by adding at the end the following:
                    ``(B)(i) is a money transmitter (as defined in 
                section 1010.100(ff)(5) of title 31, Code of Federal 
                Regulations (or any successor regulation)) that--
                            ``(I) is regulated by a State, the District 
                        of Columbia, or a territory or possession of 
                        the United States for financial adequacy;
                            ``(II) is registered in accordance with 
                        section 1022.380 of title 31, Code of Federal 
                        Regulations (or any successor regulation); and
                            ``(III) enters only into swaps exclusively 
                        for the purpose of offsetting risks generated 
                        from foreign currency contracts with an entity 
                        that is not a financial end user (as defined in 
                        section 23.151 of title 17, Code of Federal 
                        Regulations (or any successor regulation)); and
                    ``(ii) has total assets of $1,000,000,000 or less 
                on the last day of its most recent fiscal year.''.
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