Title: EXPORT Act of 2022
Policy area: Finance and Financial Sector

Summary:
Expanding Possibilities and Opportunities to Reinvigorate Trade Act of 2022 or the EXPORT Act of 2022
This bill exempts certain money transmitters from specified capital and margin requirements that otherwise apply to counterparty swaps. Specifically, these money transmitters must (1) only enter into swaps for the purpose of offsetting risks from foreign currency contracts with a non-end user, and (2) have annual assets of $1 billion or less.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8836 Introduced in House (IH)]

<DOC>






117th CONGRESS
  2d Session
                                H. R. 8836

 To amend the Commodity Exchange Act to exempt certain small companies 
     that utilize foreign exchange from certain capital and margin 
requirements in order to enhance opportunities for small businesses to 
       improve trade and export markets, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 15, 2022

  Mr. Owens introduced the following bill; which was referred to the 
                        Committee on Agriculture

_______________________________________________________________________

                                 A BILL


 
 To amend the Commodity Exchange Act to exempt certain small companies 
     that utilize foreign exchange from certain capital and margin 
requirements in order to enhance opportunities for small businesses to 
       improve trade and export markets, and for other purposes.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Expanding Possibilities and 
Opportunities to Reinvigorate Trade Act of 2022'' or the ``EXPORT Act 
of 2022''.

SEC. 2. APPLICABILITY OF CAPITAL AND MARGIN REQUIREMENTS TO 
              COUNTERPARTIES.

    Section 4s(e)(4) of the Commodity Exchange Act (7 U.S.C. 6s(e)(4)) 
is amended--
            (1) by striking ``counterparty qualifies'' and inserting 
        the following: ``counterparty--
                    ``(A) qualifies'';
            (2) by striking the period at the end and inserting ``; 
        or''; and
            (3) by adding at the end the following:
                    ``(B) is a money transmitter (as defined in section 
                1010.100(ff)(5) of title 31, Code of Federal 
                Regulations, or any successor regulation) that--
                            ``(i) is regulated by a State, the District 
                        of Columbia, or a territory or possession of 
                        the United States for financial adequacy;
                            ``(ii) is registered in accordance with 
                        section 1022.380 of title 31, Code of Federal 
                        Regulations, or any successor regulation;
                            ``(iii) enters only into swaps exclusively 
                        for the purpose of offsetting risks generated 
                        from foreign currency contracts with an entity 
                        that is not a financial end user (as defined in 
                        section 23.151 of title 17, Code of Federal 
                        Regulations, or any successor regulation); and
                            ``(iv) has total assets of $1,000,000,000 
                        or less on the last day of its most recent 
                        fiscal year.''.
                                 <all>