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Union Calendar No. 74 

113TH CONGRESS 

1ST SESSION H. R. 634 

[Report No. 113–105, Parts I and II] 

To provide end user exemptions from certain provisions of the Commodity 

Exchange Act and the Securities Exchange Act of 1934, and for other 

purposes. 

IN THE HOUSE OF REPRESENTATIVES 

FEBRUARY 13, 2013 

Mr. GRIMM (for himself, Mr. PETERS of Michigan, Mr. AUSTIN SCOTT of 

Georgia, and Mr. MCINTYRE) 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 

JUNE 12, 2013 

Additional sponsors: Mr. OWENS, Mr. FINCHER, Mr. CONAWAY, Mr. VARGAS, 

and Mr. DAVID SCOTT of Georgia 

JUNE 12, 2013 

Reported from the Committee on Financial Services 

JUNE 12, 2013 

Reported from the Committee on Agriculture; committed to the Committee of 

the Whole House on the State of the Union and ordered to be printed 

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•HR 634 RH

A BILL 

To provide end user exemptions from certain provisions of 

the Commodity Exchange Act and the Securities Exchange Act of 1934, and for other purposes. 

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•HR 634 RH

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Business Risk Mitiga5 tion and Price Stabilization Act of 2013’’. 

6 SEC. 2. MARGIN REQUIREMENTS. 

7 (a) COMMODITY EXCHANGE ACT AMENDMENT.— 

8 Section 4s(e) of the Commodity Exchange Act (7 U.S.C. 

9 6s(e)), as added by section 731 of the Dodd-Frank Wall 

10 Street Reform and Consumer Protection Act, is amended 

11 by adding at the end the following new paragraph: 

12 ‘‘(4) APPLICABILITY WITH RESPECT TO

13 COUNTERPARTIES.—The requirements of paragraphs 

14 (2)(A)(ii) and (2)(B)(ii) shall not apply to a swap in 

15 which a counterparty qualifies for an exception 

16 under section 2(h)(7)(A) or satisfies the criteria in 

17 section 2(h)(7)(D).’’. 

18 (b) SECURITIES EXCHANGE ACT AMENDMENT.— 

19 Section 15F(e) of the Securities Exchange Act of 1934 

20 (15 U.S.C. 78o–10(e)), as added by section 764(a) of the 

21 Dodd-Frank Wall Street Reform and Consumer Protec22 tion Act, is amended by adding at the end the following 

23 new paragraph: 

24 ‘‘(4) APPLICABILITY WITH RESPECT TO

25 COUNTERPARTIES.—The requirements of paragraphs 

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1 (2)(A)(ii) and (2)(B)(ii) shall not apply to a secu2 rity-based swap in which a counterparty qualifies for 

3 an exception under section 3C(g)(1) or satisfies the 

4 criteria in section 3C(g)(4).’’. 

5 SEC. 3. IMPLEMENTATION. 

6 The amendments made by this Act to the Commodity 

7 Exchange Act shall be implemented— 

8 (1) without regard to— 

9 (A) chapter 35 of title 44, United States 

10 Code; and 

11 (B) the notice and comment provisions of 

12 section 553 of title 5, United States Code; 

13 (2) through the promulgation of an interim 

14 final rule, pursuant to which public comment will be 

15 sought before a final rule is issued; and 

16 (3) such that paragraph (1) shall apply solely 

17 to changes to rules and regulations, or proposed 

18 rules and regulations, that are limited to and di19 rectly a consequence of such amendments. 

mstockstill on DSK4VPTVN1PROD with BILLS

mstockstill on DSK4VPTVN1PROD with BILLS

Union Calendar No. 74 

113TH CONGRESS 

1ST SESSION H. R. 634 

[Report No. 113–105, Parts I and II] 

A BILL 

To provide end user exemptions from certain provipurposes. Securities Exchange Act of 1934, and for other sions of the Commodity Exchange Act and the 

JUNE 12, 2013 

Reported from the Committee on Financial Services 

JUNE 12, 2013 

Reported from the Committee on Agriculture; committed 

the Union and ordered to be printed to the Committee of the Whole House on the State of 

mstockstill on DSK4VPTVN1PROD with BILLS