I 
113TH CONGRESS 
1ST SESSION 
H. R. 677 
To exempt inter-affiliate swaps from certain regulatory requirements put 
in place by the Dodd-Frank Wall Street Reform and Consumer Protec-
tion Act. 
IN THE HOUSE OF REPRESENTATIVES 
FEBRUARY 13, 2013 
Mr. STIVERS (for himself, Ms. FUDGE, Ms. MOORE, Mr. GIBSON, and Mr. 
SCHWEIKERT) 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 juris-
diction of the committee concerned 
A BILL 
To exempt inter-affiliate swaps from certain regulatory re-
quirements put in place by the Dodd-Frank Wall Street 
Reform and Consumer Protection Act. 
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 ‘‘Inter-Affiliate Swap 
Clarification Act’’. 
SEC. 2. TREATMENT OF AFFILIATE TRANSACTIONS. 
(a) COMMODITY EXCHANGE ACT AMENDMENTS.— 
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(1) 
TREATMENT
OF
AFFILIATE
TRANS-
ACTIONS.—Section 1a(47) of the Commodity Ex-
change Act (7 U.S.C. 1a(47)), as added by section 
721(a)(21) of the Dodd-Frank Wall Street Reform 
and Consumer Protection Act, is amended by adding 
at the end the following: 
‘‘(G) TREATMENT OF AFFILIATE TRANS-
ACTIONS.— 
‘‘(i) IN GENERAL.—For the purposes 
of any clearing and execution requirements 
under section 2(h) and any applicable mar-
gin and capital requirements of section 
4s(e) and for purposes of defining ‘swap 
dealer’ or ‘major swap participant’, and re-
porting requirements other than those set 
forth in clause (ii), the term ‘swap’ does 
not include any agreement, contract, or 
transaction that— 
‘‘(I) would otherwise be included 
as a ‘swap’ under subparagraph (A); 
and 
‘‘(II) is entered into by parties, 
neither of which is a ‘swap dealer’ 
that is an insured depository institu-
tion or a ‘major swap participant’ 
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that is an insured depository institu-
tion, that report information or pre-
pare financial statements on a consoli-
dated basis, or for which a company 
affiliated with both parties reports in-
formation or prepares financial state-
ments on a consolidated basis. 
‘‘(ii) REPORTING.—All agreements, 
contracts, or transactions described in 
clause (i) shall be reported to either a 
swap data repository, or, if there is no 
swap data repository that would accept 
such agreements, contracts, or trans-
actions, to the Commission pursuant to 
section 4r, or to a swap data repository or 
to the Commission pursuant to section 
2(h)(5), within such time period as the 
Commission may by rule or regulation pre-
scribe. Nothing in this subparagraph shall 
prohibit the Commission from establishing 
public reporting requirements for covered 
transactions between affiliates as described 
in sections 23A and 23B of the Federal 
Reserve Act in a manner consistent with 
rules governing the treatment of such cov-
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ered transactions pursuant to section 
2(a)(13) of this Act. 
‘‘(iii) PROTECTION
OF
INSURANCE 
FUNDS.—Nothing in this subparagraph 
shall be construed to prevent the regulator 
of a Federal or State insurance fund or 
guaranty fund from exercising its other ex-
isting authority to protect the integrity of 
such a fund, except that such regulator 
shall not subject agreements, contracts, or 
transactions described in clause (i) to 
clearing and execution requirements under 
section 2 of this Act, to any applicable 
margin and capital requirements of section 
4s(e) of this Act, or to reporting require-
ments of title VII of Public Law 111–203 
other than those set forth in clause (ii) of 
this subparagraph. 
‘‘(iv) PRESERVATION OF FEDERAL RE-
SERVE ACT AUTHORITY.—Nothing in this 
subparagraph shall exempt a transaction 
described in this subparagraph from sec-
tions 23A or 23B of the Federal Reserve 
Act or implementing regulations there-
under. 
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