Protecting Main Street End-Users From Excessive Regulation

Bill: 112-hr-3527
Sponsor: Rep. Hultgren, Randy [R-IL-14]
Introduced: 2011-11-30 in the House
Policy area: Finance and Financial Sector
Subjects: Banking and financial institutions regulation
Commodities markets
Financial services and investments
Securities

Summary:
action_date: 2011-11-30
text: 
Protecting Main Street End-Users From Excessive Regulation - Amends the Commodity Exchange Act to: (1) redefine a &quot;swap dealer&quot; as, primarily, any person engaged in the business of entering into swaps, but (2) remove from the definition any person who regularly enters into swaps with counterparties as an ordinary course of business for its own account.
 
Revises the current exception to that definition to state that, in determining whether a person is a &quot;swap dealer,&quot; no consideration shall be given to any transaction entered into for the person's own account for the purpose of: (1) hedging or mitigating commercial risk, or (2) achieving the person's own trading or investment objectives.
 
Directs the Commodity Futures Trading Commission (CFTC) to exempt from designation as a swap dealer an entity that enters into swap dealing transactions with or on behalf of its customers if the aggregate gross notional amount of the outstanding swap dealing transactions entered into over the course of the preceding calendar year does not exceed $3 billion (or a greater amount, as market conditions warrant), adjusted for inflation.

action_date: 2012-02-08
text: 
Protecting Main Street End-Users From Excessive Regulation - (Sec. 2) Amends the Commodity Exchange Act to revise the current exception to the definition of &quot;swap dealer&quot; to state that, in determining whether a person is a &quot;swap dealer,&quot; no consideration shall be given to any transaction entered into for the person's own account for the purpose of hedging or mitigating commercial risk.
 
Directs the Commodity Futures Trading Commission (CFTC) to adopt standards distinguishing: (1) the activities of a swap dealer specified in current law, and (2) entering into swaps for a person's own account in order to achieve its own trading objectives as determined by the CFTC.
 
Directs the CFTC to exempt from designation as a swap dealer an entity that enters into swap dealing transactions with or on behalf of its customers if the aggregate gross notional amount of the outstanding swap dealing transactions entered into over the course of the preceding calendar year does not exceed $3 billion (or a greater amount, as market conditions warrant), adjusted for inflation.
 
(Sec. 3) States that this Act shall be implemented: (1) without regard to federal law regarding coordination of federal information policy or rulemaking requirements concerning notice and comment, and (2) through promulgation of an interim final rule.


Legislative actions:
action_date: 2012-02-08
text: Placed on the Union Calendar, Calendar No. 270.
action_date: 2012-02-08
text: Reported (Amended) by the Committee on Agriculture. H. Rept. 112-391.
action_date: 2012-02-08
text: Reported (Amended) by the Committee on Agriculture. H. Rept. 112-391.
action_date: 2012-01-25
text: Ordered to be Reported (Amended) by Voice Vote.
action_date: 2012-01-25
text: Committee Consideration and Mark-up Session Held.
action_date: 2011-11-30
text: Referred to the House Committee on Agriculture.
action_date: 2011-11-30
text: Introduced in House
action_date: 2011-11-30
text: Introduced in House