Business Risk Mitigation and Price Stabilization Act of 2012

Bill: 112-hr-2682
Sponsor: Rep. Grimm, Michael G. [R-NY-13]
Introduced: 2011-07-28 in the House
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures
Banking and financial institutions regulation
Commodities markets
Commodity Futures Trading Commission
Corporate finance and management
Financial services and investments
Securities

Summary:
action_date: 2011-07-28
text: 
Business Risk Mitigation and Price Stabilization Act of 2011 - Amends the Commodity Exchange Act (CEA) to exempt, from the rules of prudential regulators for swap dealers and major swap participants with respect to initial and variation margin requirements for swaps not cleared by a registered derivatives clearing organization, those swaps in which one of the counterparties is: (1) not a financial entity, and (2) is eligible for exception from clearing requirements for certain significant price discovery agreements, contracts, or transactions in a commodity exempt from regulation by the Commodity Futures Trading Commission (CFTC).
 
Amends the Securities Exchange Act of 1934, with respect to registration and regulation of security-based swap dealers and major security-based swap participants, to exempt from initial and variation margin requirements for swaps not cleared by a registered derivatives clearing organization any security-based swap in which one of the counterparties is: (1) not a financial entity, and (2) is eligible for exception from clearing requirements.

action_date: 2011-12-23
text: 

(This measure has not been amended since it was introduced. The summary of that version is repeated here.)

 
Business Risk Mitigation and Price Stabilization Act of 2011 - Amends the Commodity Exchange Act (CEA) to exempt, from the rules of prudential regulators for swap dealers and major swap participants with respect to initial and variation margin requirements for swaps not cleared by a registered derivatives clearing organization, those swaps in which one of the counterparties is: (1) not a financial entity, and (2) is eligible for exception from clearing requirements for certain significant price discovery agreements, contracts, or transactions in a commodity exempt from regulation by the Commodity Futures Trading Commission (CFTC).
 
Amends the Securities Exchange Act of 1934, with respect to registration and regulation of security-based swap dealers and major security-based swap participants, to exempt from initial and variation margin requirements for swaps not cleared by a registered derivatives clearing organization any security-based swap in which one of the counterparties is: (1) not a financial entity, and (2) is eligible for exception from clearing requirements.

action_date: 2012-02-08
text: 
Business Risk Mitigation and Price Stabilization Act of 2012 - Amends the Commodity Exchange Act (CEA) to exempt, from the rules of prudential regulators for swap dealers and major swap participants with respect to initial and variation margin requirements for swaps not cleared by a registered derivatives clearing organization, those swaps in which one of the counterparties: (1) is eligible for exception from clearing requirements for certain significant price discovery agreements, contracts, or transactions in a commodity exempt from regulation by the Commodity Futures Trading Commission (CFTC); or (2) satisfies specified criteria governing treatment of affiliates in connection with clearing requirements.
 
Amends the Securities Exchange Act of 1934, with respect to registration and regulation of security-based swap dealers and major security-based swap participants, to exempt from initial and variation margin requirements for swaps not cleared by a registered derivatives clearing organization any security-based swap in which one of the counterparties is: (1) not a financial entity, and (2) is eligible for exception from clearing requirements.

action_date: 2012-03-26
text: 
Business Risk Mitigation and Price Stabilization Act of 2012 - (Sec. 2) Amends the Commodity Exchange Act (CEA) to exempt, from the rules of prudential regulators for swap dealers and major swap participants with respect to initial and variation margin requirements for swaps not cleared by a registered derivatives clearing organization, those swaps in which one of the counterparties: (1) is eligible for an exception from clearing requirements for certain significant price discovery agreements, contracts, or transactions in a commodity exempt from regulation by the Commodity Futures Trading Commission (CFTC); or (2) satisfies specified criteria governing treatment of affiliates in connection with clearing requirements.
 
Amends the Securities Exchange Act of 1934, regarding registration and regulation of security-based swap dealers and major security-based swap participants, to exempt from initial and variation margin requirements for swaps not cleared by a registered derivatives clearing organization a security-based swap in which one of the counterparties: (1) qualifies for a specified exception from clearing requirements, or (2) satisfies certain criteria governing the treatment of affiliates.
 
(Sec. 3) Requires that the amendments to CEA made by this Act be implemented: (1) without regard to federal information policy requirements or the notice and comment requirements of federal administrative procedure; and (2) through promulgation of an interim final rule, pursuant to which public comment will be sought before a final rule is issued. 
Limits the disregard of such federal information policy and notice and comment requirements solely to changes to rules and regulations, or proposed rule and regulations, that are limited to, and directly a consequence of, the amendments to CEA made by this Act.
 


Legislative actions:
action_date: 2012-03-28
text: Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 342.
action_date: 2012-03-27
text: Received in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
action_date: 2012-03-26
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2012-03-26
text: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 370 - 24 (Roll no. 128). (text: CR H1551)
action_date: 2012-03-26
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 370 - 24 (Roll no. 128).(text: CR H1551)
action_date: 2012-03-26
text: Considered as unfinished business. (consideration: CR H1557-1558)
action_date: 2012-03-26
text: At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
action_date: 2012-03-26
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 2682.
action_date: 2012-03-26
text: Considered under suspension of the rules. (consideration: CR H1551-1553)
action_date: 2012-03-26
text: Mr. Garrett moved to suspend the rules and pass the bill, as amended.
action_date: 2012-02-08
text: Placed on the Union Calendar, Calendar No. 267.
action_date: 2012-02-08
text: Reported (Amended) by the Committee on Agriculture. H. Rept. 112-343, Part II.
action_date: 2012-02-08
text: Reported (Amended) by the Committee on Agriculture. H. Rept. 112-343, Part II.
action_date: 2012-02-01
text: House Committee on Agriculture Granted an extension for further consideration ending not later than Feb. 8, 2012.
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: 2012-01-25
text: Subcommittee on General Farm Commodities and Risk Management Discharged.
action_date: 2011-12-23
text: House Committee on Agriculture Granted an extension for further consideration ending not later than Feb. 1, 2012.
action_date: 2011-12-23
text: Reported by the Committee on Financial Services. H. Rept. 112-343, Part I.
action_date: 2011-12-23
text: Reported by the Committee on Financial Services. H. Rept. 112-343, Part I.
action_date: 2011-11-30
text: Ordered to be Reported by Voice Vote.
action_date: 2011-11-30
text: Committee Consideration and Mark-up Session Held.
action_date: 2011-08-22
text: Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises.
action_date: 2011-08-10
text: Referred to the Subcommittee on General Farm Commodities and Risk Management.
action_date: 2011-07-28
text: 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 jurisdiction of the committee concerned.
action_date: 2011-07-28
text: 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 jurisdiction of the committee concerned.
action_date: 2011-07-28
text: Introduced in House
action_date: 2011-07-28
text: Introduced in House