Public Power Risk Management Act of 2013

Bill: 113-hr-1038
Sponsor: Rep. LaMalfa, Doug [R-CA-1]
Introduced: 2013-03-11 in the House
Policy area: Finance and Financial Sector
Subjects: Business records
Commodities markets
Electric power generation and transmission
Energy storage, supplies, demand
Oil and gas
Public contracts and procurement
Securities

Summary:
action_date: 2013-03-11
text: 
Public Power Risk Management Act of 2013 - Amends the Commodity Exchange Act to direct the Commodity Futures Trading Commission (CFTC), when it determines whether to provide an exemption to designation as a swap dealer, to treat a utility operations-related swap entered into with a utility special entity as if such swap were entered into with an entity that is not a special entity. (Thus exempts an entity entering into a utility operations-related swap with a utility special entity from mandatory registration as a swap dealer.)
 
Requires transactions in utility operations-related swaps to be reported according to requirements for the reporting of uncleared swaps.
 
Defines &quot;utility special entity&quot; as a special entity, or any instrumentality, department, or corporation of or established by a state or local government, that: (1) owns or operates an electric or natural gas facility or an electric or natural gas operation; (2) supplies natural gas or electric energy to another utility special entity; (3) has public service obligations under federal, state, or local law or regulation to deliver electric energy or natural gas service to customers; or (4) is a federal power marketing agency.
 
Redefines swap to include a utility operations-related swap.
 
Defines &quot;utility operations-related swap&quot; as one that: (1) is entered into to hedge or mitigate commercial risk; (2) is associated with specified transactions in electric energy or natural gas; and (3) is not a contract, agreement, or transaction based on, derived on, or referencing
 
 
an interest rate, credit, equity, or currency asset class; or
 
a metal, agricultural commodity, or crude oil or gasoline commodity of any grade, except as used as fuel for electric energy generation.
 

action_date: 2013-06-12
text: 

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

 
Public Power Risk Management Act of 2013 - Amends the Commodity Exchange Act to direct the Commodity Futures Trading Commission (CFTC), when it determines whether to provide an exemption to designation as a swap dealer, to treat a utility operations-related swap entered into with a utility special entity as if such swap were entered into with an entity that is not a special entity. (Thus exempts an entity entering into a utility operations-related swap with a utility special entity from mandatory registration as a swap dealer.)
 
Requires transactions in utility operations-related swaps to be reported according to requirements for the reporting of uncleared swaps.
 
Defines &quot;utility special entity&quot; as a special entity, or any instrumentality, department, or corporation of or established by a state or local government, that: (1) owns or operates an electric or natural gas facility or an electric or natural gas operation; (2) supplies natural gas or electric energy to another utility special entity; (3) has public service obligations under federal, state, or local law or regulation to deliver electric energy or natural gas service to customers; or (4) is a federal power marketing agency.
 
Redefines swap to include a utility operations-related swap.
 
Defines &quot;utility operations-related swap&quot; as one that: (1) is entered into to hedge or mitigate commercial risk; (2) is associated with specified transactions in electric energy or natural gas; and (3) is not a contract, agreement, or transaction based on, derived on, or referencing
 
 
an interest rate, credit, equity, or currency asset class; or
 
a metal, agricultural commodity, or crude oil or gasoline commodity of any grade, except as used as fuel for electric energy generation.
 


Legislative actions:
action_date: 2013-06-13
text: Received in the Senate and Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
action_date: 2013-06-12
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2013-06-12
text: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 423 - 0 (Roll no. 219). (text: CR H3307)
action_date: 2013-06-12
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 423 - 0 (Roll no. 219).(text: CR H3307)
action_date: 2013-06-12
text: Considered as unfinished business. (consideration: CR H3332-3333)
action_date: 2013-06-12
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: 2013-06-12
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 1038.
action_date: 2013-06-12
text: Considered under suspension of the rules. (consideration: CR H3307-3309)
action_date: 2013-06-12
text: Mr. LaMalfa moved to suspend the rules and pass the bill.
action_date: 2013-06-12
text: Reported by the Committee on Agriculture. H. Rept. 113-107.
action_date: 2013-06-12
text: Placed on the Union Calendar, Calendar No. 76.
action_date: 2013-06-12
text: Reported by the Committee on Agriculture. H. Rept. 113-107.
action_date: 2013-03-20
text: Ordered to be Reported by Voice Vote.
action_date: 2013-03-20
text: Committee Consideration and Mark-up Session Held.
action_date: 2013-03-14
text: Committee Hearings Held.
action_date: 2013-03-11
text: Referred to the House Committee on Agriculture.
action_date: 2013-03-11
text: Introduced in House
action_date: 2013-03-11
text: Introduced in House