I 
112TH CONGRESS 
1ST SESSION H. R. 3045 
To amend the Employee Retirement Income Security Act of 1974, the Com-
modity Exchange Act, and the Securities Exchange Act of 1934 to 
ensure that pension plans can use swaps to hedge risks, and for other 
purposes. 
IN THE HOUSE OF REPRESENTATIVES 
SEPTEMBER 23, 2011 
Mr. CANSECO (for himself and Mr. GARRETT) introduced the following bill; 
which was referred to the Committee on Agriculture, and in addition to 
the Committees on Education and the Workforce and Financial Services, 
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 
A BILL 
To amend the Employee Retirement Income Security Act 
of 1974, the Commodity Exchange Act, and the Securi-
ties Exchange Act of 1934 to ensure that pension plans 
can use swaps to hedge risks, and for other purposes. 
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 ‘‘Retirement Income 
Protection Act of 2011’’. 
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SEC. 2. CLARIFICATION OF THE DEFINITION OF FIDU-
CIARY. 
Section 3(21) of the Employee Retirement Income 
Security Act of 1974 (29 U.S.C. 1002(21)) is amended— 
(1) in subparagraph (A), by striking ‘‘subpara-
graph (B)’’ and inserting ‘‘subparagraphs (B) and 
(C)’’; 
(2) by adding at the end the following subpara-
graph: 
‘‘(C) No person shall be a fiduciary with respect 
to a plan by reason of any service, act, or duty that 
such person is required to perform with respect to 
such plan by reason of section 4s(h) of the Com-
modity Exchange Act, section 15F(h) of the Securi-
ties Exchange Act of 1934, any rule, regulation, or 
standard prescribed pursuant to such sections, or 
any other Federal law, rule, or regulation.’’. 
SEC. 3. CLARIFICATION OF THE DEFINITION OF SPECIAL 
ENTITY AND REMOVAL OF ERISA PLANS. 
(a) AMENDMENT TO THE CEA.—Section 4s(h)(2)(C) 
of the Commodity Exchange Act (7 U.S.C. 6s(h)(2)(C)) 
is amended— 
(1) by striking ‘‘For purposes’’ and inserting 
‘‘(i) For purposes’’; 
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(2) by striking clause (iii) and redesignating 
clauses (i), (ii), (iv), and (v) as subclauses (I), (II), 
(III) and (IV), respectively; and 
(3) by adding at the end the following:. 
‘‘(ii) Such term shall not include any col-
lective investment vehicle in which one or more 
special entities invest.’’. 
(b) AMENDMENT
TO
THE
1934 ACT.—Section 
15F(h)(2)(C) of the Securities Exchange Act of 1934 (15 
U.S.C. 78o–10(h)(2)(C)) is amended— 
(1) by striking ‘‘For purposes’’ and inserting 
‘‘(i) For purposes’’; 
(2) by striking clause (iii) and redesignating 
clauses (i), (ii), (iv), and (v) as subclauses (I), (II), 
(III) and (IV), respectively; and 
(3) by adding at the end the following: 
‘‘(ii) Such term shall not include any col-
lective investment vehicle in which one or more 
special entities invest.’’. 
SEC. 4. CONFORMING AMENDMENTS TO COUNTERPARTY 
REQUIREMENTS. 
(a) 
AMENDMENT
TO
THE
CEA.—Section 
4s(h)(5)(A)(i) of the Commodity Exchange Act (7 U.S.C. 
6s(h)(5)(A)(i)) is amended— 
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(1) by inserting ‘‘and’’ after the semicolon in 
subclause (V); and 
(2) by striking subclause (VII). 
(b) AMENDMENT
TO
THE
1934 ACT.—Section 
15F(h)(5)(A)(i) of the Securities Exchange Act of 1934 
(15 U.S.C. 78o–10(h)(5)(A)(i)) is amended— 
(1) by inserting ‘‘and’’ after the semicolon in 
subclause (V); and 
(2) by striking subclause (VII). 
SEC. 5. CLARIFICATION OF THE DEFINITION OF ADVISOR. 
(a) AMENDMENT TO THE CEA.—Section 4s(h)(4) of 
the Commodity Exchange Act (7 U.S.C. 6s(h)(4)) is 
amended— 
(1) in subparagraph (B), by adding at the end 
the following: ‘‘The duty of a swap dealer to act in 
the best interests of a Special Entity shall not be 
construed to be a fiduciary standard under Federal 
or State Law.’’; and 
(2) by adding at the end the following: 
‘‘(D) RULE OF CONSTRUCTION.—A swap 
dealer will not be treated as an advisor to a 
Special Entity if— 
‘‘(i) the Special Entity represents in 
writing that— 
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