US Congress House Bill 1317 (Prior Session Legislation)

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Spectrum: Bipartisan Bill
Status: Engrossed on November 17 2015 - 50% progression, died in committee
Action: 2015-11-17 - Received in the Senate and Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
Pending: Senate Agriculture, Nutrition, And Forestry Committee
Text: Latest bill text (Engrossed) [PDF]

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. (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.

Rep. Gwen Moore [D-WI]

Rep. Marcia Fudge [D-OH]

Rep. Christopher Gibson [R-NY]

Rep. Steve Stivers [R-OH]

Date	Chamber	Action
2015-11-17	Senate	Received in the Senate and Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
2015-11-16	House	Motion to reconsider laid on the table Agreed to without objection.
2015-11-16	House	On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H8219-8220)
2015-11-16	House	DEBATE - The House proceeded with forty minutes of debate on H.R. 1317.
2015-11-16	House	Considered under suspension of the rules. (consideration: CR H8219-8221)
2015-11-16	House	Mr. Hensarling moved to suspend the rules and pass the bill, as amended.
2015-11-16	House	Placed on the Union Calendar, Calendar No. 259.
2015-11-16	House	Reported (Amended) by the Committee on Financial Services. H. Rept. 114-311, Part II.
2015-10-26	House	Reported (Amended) by the Committee on Agriculture. H. Rept. 114-311, Part I.
2015-09-30	House	Ordered to be Reported (Amended).
2015-09-30	House	Committee Consideration and Mark-up Session Held.
2015-07-29	House	Ordered to be Reported (Amended) by the Yeas and Nays: 57 - 0.
2015-07-29	House	Committee Consideration and Mark-up Session Held.
2015-04-29	House	Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.
2015-03-23	House	Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
2015-03-04	House	Referred to House Agriculture
2015-03-04	House	Referred to House Financial Services
2015-03-04	House	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.
2015-03-04	House	Introduced in House

HB37 (Related) 2015-01-16 - Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
SB876 (Same As) 2015-03-26 - Referred to the Committee on Agriculture, Nutrition, and Forestry.
HB2289 (Related) 2015-06-10 - Received in the Senate and Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
HB2029 (Related) 2015-12-18 - Became Public Law No: 114-113. (TXT | PDF)

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/house-bill/1317/all-info
Text	https://www.congress.gov/114/bills/hr1317/BILLS-114hr1317ih.pdf
Text	https://www.congress.gov/114/bills/hr1317/BILLS-114hr1317rh.pdf
Text	https://www.congress.gov/114/bills/hr1317/BILLS-114hr1317eh.pdf