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Bill113th CongressFiled Feb 13, 2013Finance and Financial Sector
H.R. 634

Business Risk Mitigation and Price Stabilization Act of 2013

Bill journey · stage 2 of 5

Under committee review

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Law

What it doesSummary passed house amended (Jun 12, 2013)

Business Risk Mitigation and Price Stabilization Act of 2013 - Amends the Commodity Exchange Act (CEA) to exempt, from the rules of prudential regulators for swap dealers and major swap participants with respect to initial and variation margin requirements for swaps not cleared by a registered derivatives clearing organization, those swaps in which one of the counterparties: (1) is eligible for an exception from clearing requirements because it is not a financial entity, uses swaps to hedge or mitigate commercial risk, and notifies the Commodity Futures Trading Commission (CFTC) how it meets financial obligations associated with entering into non-cleared swaps; (2) is eligible for a public interest exemption from swap clearing requirements for certain cooperative entities; or (3) satisfies specified criteria governing treatment of affiliates in connection with clearing requirements.

Amends the Securities Exchange Act of 1934, regarding registration and regulation of security-based swap dealers and major security-based swap participants, to exempt from initial and variation margin requirements for swaps not cleared by a registered derivatives clearing organization a security-based swap in which one of the counterparties: (1) qualifies for a specified exception from clearing requirements, or (2) satisfies certain criteria governing the treatment of affiliates.

Requires that the amendments to CEA made by this Act be implemented: (1) without regard to federal information policy requirements or the notice and comment requirements of federal administrative procedure; and (2) through promulgation of an interim final rule, pursuant to which public comment will be sought before a final rule is issued.

Limits the disregard of such federal information policy and notice and comment requirements solely to changes to rules and regulations, or proposed rule and regulations, that are limited to, and directly a consequence of, the amendments to CEA made by this Act.

What just happenedJun 13, 2013

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Who’s behind it

Rep. Grimm, Michael G. [R-NY-11](R-NY)Sponsor
8 cosponsors5 D3 R
Read on Congress.gov
8cosponsors3committees25actions4related bills7subjects
  • Referred in SenateJun 13, 2013
  • Engrossed in HouseJun 12, 2013
  • Reported in HouseJun 12, 2013
  • Introduced in HouseFeb 13, 2013
  1. Jun 13, 2013IntroReferral

    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

  2. Jun 12, 2013FloorH38310

    Motion to reconsider laid on the table Agreed to without objection.

  3. Jun 12, 2013FloorH37300

    On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 411 - 12 (Roll no. 215). (text: CR H3301)

  4. Jun 12, 2013Floor8000

    Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 411 - 12 (Roll no. 215).(text: CR H3301)

  5. Jun 12, 2013FloorH30000

    Considered as unfinished business. (consideration: CR H3316-3317)

  6. Jun 12, 2013FloorH37220

    At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.

  7. Jun 12, 2013FloorH8D000

    DEBATE - The House proceeded with forty minutes of debate on H.R. 634.

  8. Jun 12, 2013FloorH30000

    Considered under suspension of the rules. (consideration: CR H3301-3304)

  9. Jun 12, 2013FloorH30300

    Mr. Hensarling moved to suspend the rules and pass the bill, as amended.

  10. Jun 12, 2013CalendarsH12410

    Placed on the Union Calendar, Calendar No. 74.

  11. Jun 12, 2013CommitteeH12200

    Reported by the Committee on Agriculture. H. Rept. 113-105, Part II.

  12. Jun 12, 2013Committee5000

    Reported by the Committee on Agriculture. H. Rept. 113-105, Part II.

  13. Jun 12, 2013CommitteeH12200

    Reported by the Committee on Financial Services. H. Rept. 113-105, Part I.

  14. Jun 12, 2013Committee5000

    Reported by the Committee on Financial Services. H. Rept. 113-105, Part I.

  15. May 7, 2013Committee

    Ordered to be Reported by the Yeas and Nays: 59 - 0.

  16. May 7, 2013Committee

    Committee Consideration and Mark-up Session Held.

  17. Apr 11, 2013Committee

    Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.

  18. Mar 28, 2013Committee

    Committee Hearings Held.

  19. Mar 20, 2013Committee

    Ordered to be Reported by Voice Vote.

  20. Mar 20, 2013Committee

    Committee Consideration and Mark-up Session Held.

  21. Mar 14, 2013Committee

    Committee Hearings Held.

  22. Feb 13, 2013IntroReferralH11100

    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.

  23. Feb 13, 2013IntroReferralH11100

    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.

  24. Feb 13, 2013IntroReferralIntro-H

    Introduced in House

  25. Feb 13, 2013IntroReferral1000

    Introduced in House

Passed House amendedJun 12, 201336

Business Risk Mitigation and Price Stabilization Act of 2013 - Amends the Commodity Exchange Act (CEA) to exempt, from the rules of prudential regulators for swap dealers and major swap participants with respect to initial and variation margin requirements for swaps not cleared by a registered derivatives clearing organization, those swaps in which one of the counterparties: (1) is eligible for an exception from clearing requirements because it is not a financial entity, uses swaps to hedge or mitigate commercial risk, and notifies the Commodity Futures Trading Commission (CFTC) how it meets financial obligations associated with entering into non-cleared swaps; (2) is eligible for a public interest exemption from swap clearing requirements for certain cooperative entities; or (3) satisfies specified criteria governing treatment of affiliates in connection with clearing requirements.

Amends the Securities Exchange Act of 1934, regarding registration and regulation of security-based swap dealers and major security-based swap participants, to exempt from initial and variation margin requirements for swaps not cleared by a registered derivatives clearing organization a security-based swap in which one of the counterparties: (1) qualifies for a specified exception from clearing requirements, or (2) satisfies certain criteria governing the treatment of affiliates.

Requires that the amendments to CEA made by this Act be implemented: (1) without regard to federal information policy requirements or the notice and comment requirements of federal administrative procedure; and (2) through promulgation of an interim final rule, pursuant to which public comment will be sought before a final rule is issued.

Limits the disregard of such federal information policy and notice and comment requirements solely to changes to rules and regulations, or proposed rule and regulations, that are limited to, and directly a consequence of, the amendments to CEA made by this Act.

Introduced in HouseFeb 13, 2013

Business Risk Mitigation and Price Stabilization Act of 2013 - Amends the Commodity Exchange Act (CEA) to exempt, from the rules of prudential regulators for swap dealers and major swap participants with respect to initial and variation margin requirements for swaps not cleared by a registered derivatives clearing organization, those swaps in which one of the counterparties: (1) is eligible for an exception from clearing requirements because it is not a financial entity, uses swaps to hedge or mitigate commercial risk, and notifies the Commodity Futures Trading Commission (CFTC) how it meets financial obligations associated with entering into non-cleared swaps; or (2) satisfies specified criteria governing treatment of affiliates in connection with clearing requirements.

Amends the Securities Exchange Act of 1934, regarding registration and regulation of security-based swap dealers and major security-based swap participants, to exempt from initial and variation margin requirements for swaps not cleared by a registered derivatives clearing organization a security-based swap in which one of the counterparties: (1) qualifies for a specified exception from clearing requirements, or (2) satisfies certain criteria governing the treatment of affiliates.

Requires that the amendments to CEA made by this Act be implemented: (1) without regard to federal information policy requirements or the notice and comment requirements of federal administrative procedure; and (2) through promulgation of an interim final rule, pursuant to which public comment will be sought before a final rule is issued.

Limits the disregard of such federal information policy and notice and comment requirements solely to changes to rules and regulations, or proposed rule and regulations, that are limited to, and directly a consequence of, the amendments to CEA made by this Act.

Business Risk Mitigation and Price Stabilization Act of 2013 — Informed