IB 
Union Calendar No. 270 
112TH CONGRESS 
2D SESSION 
H. R. 3527 
[Report No. 112–391] 
To amend the Commodity Exchange Act to clarify the definition of swap 
dealer. 
IN THE HOUSE OF REPRESENTATIVES 
NOVEMBER 30, 2011 
Mr. HULTGREN (for himself, Mr. BOREN, Mrs. BIGGERT, Mr. DOLD, Mr. 
JOHNSON of Illinois, Mr. LANCE, Mr. KINZINGER of Illinois, Mr. MAN-
ZULLO, and Mr. SCHOCK) introduced the following bill; which was re-
ferred to the Committee on Agriculture 
FEBRUARY 8, 2012 
Additional sponsors: Mr. BARROW, Mr. KING of New York, Mr. MATHESON, 
and Mr. ROSS of Arkansas 
FEBRUARY 8, 2012 
Reported with an amendment, committed to the Committee of the Whole 
House on the State of the Union, and ordered to be printed 
[Strike out all after the enacting clause and insert the part printed in italic] 
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A BILL 
To amend the Commodity Exchange Act to clarify the 
definition of swap dealer. 
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Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Protecting Main Street 
End-Users From Excessive Regulation’’. 
SEC.
2.
CLARIFICATION
OF
THE
DEFINITION
OF
SWAP 
DEALER. 
Section 1a(49) of the Commodity Exchange Act (7 
U.S.C. 1a(49)) is amended to read as follows: 
‘‘(49) SWAP DEALER.— 
‘‘(A) IN GENERAL.—The term ‘swap deal-
er’ means any person who is engaged in the 
business of entering into swaps, and— 
‘‘(i) holds itself out as a dealer in 
swaps; 
‘‘(ii) makes a market in swaps; or 
‘‘(iii) engages in any activity causing 
the person to be commonly known as a 
dealer or market maker in swaps, 
provided however, in no event shall an insured 
depository institution be considered to be a 
swap dealer to the extent it offers to enter into 
a swap with a customer in connection with orig-
inating a loan to the customer. 
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‘‘(B) INCLUSION.—A person may be des-
ignated as a swap dealer for a single type or 
single class or category of swap or activities and 
considered not to be a swap dealer for other 
types, classes, or categories of swaps or activi-
ties. 
‘‘(C) EXCEPTION.—In determining wheth-
er a person is a ‘swap dealer’ within the mean-
ing of subparagraph (A), no consideration shall 
be given to any transaction entered into for the 
person’s own account for the purpose of— 
‘‘(i) hedging or mitigating commercial 
risk; or 
‘‘(ii) achieving the person’s own trad-
ing or investment objectives. 
‘‘(D) DE MINIMIS EXCEPTION.—The Com-
mission shall exempt from designation as a 
swap dealer an entity that enters into swap 
dealing transactions with or on behalf of the 
person’s customers if the aggregate gross no-
tional amount of the outstanding swap dealing 
transactions entered into over the course of the 
preceding
calendar
year
does
not
exceed 
$3,000,000,000 (or such greater amount as the 
Commission may establish as market conditions 
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provided however, in no event shall an insured 
depository institution be considered to be a swap 
dealer to the extent it offers to enter into a swap 
with a customer in connection with originating 
a loan to the customer. 
‘‘(B) INCLUSION.—A person may be des-
ignated as a swap dealer for a single type or sin-
gle class or category of swap or activities and 
considered not to be a swap dealer for other 
types, classes, or categories of swaps or activities. 
‘‘(C) EXCEPTIONS.— 
‘‘(i) The term ‘swap dealer’ does not 
include a person that enters into swaps for 
such person’s own account, either individ-
ually or in a fiduciary capacity, but not as 
part of regular business activities as de-
scribed in subparagraph (A). 
‘‘(ii) In determining whether a person 
is a ‘swap dealer’ within the meaning of 
subparagraph (A), any transaction entered 
into for a person’s own account for the pur-
pose of hedging or mitigating commercial 
risk shall not be considered as part of that 
determination. 
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‘‘(iii) The Commission shall by rule 
adopt standards distinguishing the activi-
ties described in subparagraph (A) and en-
tering into swaps for a person’s own ac-
count for the purpose of achieving one’s own 
trading objectives as determined by the 
Commission. 
‘‘(D) DE MINIMIS EXCEPTION.—The Com-
mission shall exempt from designation as a swap 
dealer an entity that enters into swap dealing 
transactions with or on behalf of the person’s 
customers if the aggregate gross notional amount 
of the outstanding swap dealing transactions en-
tered into over the course of the preceding cal-
endar year does not exceed $3,000,000,000 (or 
such greater amount as the Commission may es-
tablish as market conditions warrant), multi-
plied by the sum of 1 and the percentage (if any) 
by which the Consumer Price Index for all 
Urban Customers published by the Bureau of 
Labor Statistics of the Department of Labor 
changed for the 12-month period ending the pre-
ceding April 30.’’. 
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SEC. 3. IMPLEMENTATION. 
The amendments made by this Act shall be imple-
mented— 
(1) without regard to— 
(A) chapter 35 of title 44, United States 
Code; and 
(B) the notice and comment provisions of 
section 553 of title 5, United States Code; and 
(2) through the promulgation of an interim final 
rule. 
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Union Calendar No. 270 
112TH CONGRESS 
2D SESSION 
H. R. 3527 
[Report No. 112–391] 
A BILL 
To amend the Commodity Exchange Act to clarify 
the definition of swap dealer. 
FEBRUARY 8, 2012 
Reported with an amendment, committed to the Com-
mittee of the Whole House on the State of the Union, 
and ordered to be printed 
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