Small Business Credit Availability Act

Bill: 113-hr-2136
Sponsor: full_name: Rep. Hartzler, Vicky [R-MO-4]
Introduced: 2013-05-23
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures

Banking and financial institutions regulation

Commodities markets

Commodity Futures Trading Commission

Securities

Small business
Latest action: action_date: 2013-06-03
text: Referred to the Subcommittee on General Farm Commodities and Risk Management.

Summaries:
action_date: 2013-05-23
action_desc: Introduced in House
text: <p>Small Business Credit Availability Act - Amends the Commodity Exchange Act (CEA) to exclude from the meaning of financial entity any small bank, savings association, farm credit system institution, non-profit cooperative lender controlled by electric cooperatives, or credit union if the aggregate uncollateralized outward exposure plus aggregate potential outward exposure of the entity with respect to its swaps does not exceed $1 billion. (Thus exempts such entities from the clearing requirement.)<br> </p>

tv_txt: I 113th CONGRESS 1st Session H. R. 2136 IN THE HOUSE OF REPRESENTATIVES May 23, 2013 Mrs. Hartzler introduced the following bill; which was referred to the Committee on Agriculture A BILL To ensure small businesses in rural America have access to credit to promote economic growth and job creation, and for other purposes.

1. Short title This Act may be cited as the Small Business Credit Availability Act . 2. Exclusions from financial entity definition Section 2(h)(7)(C)(ii) of the Commodity Exchange Act ( 7 U.S.C. 2(h)(7)(C)(ii) ) is amended to read as follows: (ii) Exclusion Such definition shall not include an entity that is a small bank, savings association, farm credit system institution, non-profit cooperative lender controlled by electric cooperatives, or credit union if the aggregate uncollateralized outward exposure plus aggregate potential outward exposure of the entity with respect to its swaps does not exceed $1,000,000,000. . 3. Effective date The amendment made by this Act shall take effect as if it had been included in subtitle A of title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act. 4. Implementation The amendment made by this Act shall be implemented— (1) without regard to— (A) chapter 35 of title 44, United States Code; and (B) the notice and comment provisions of section 553 of title 5, United States Code; (2) through the promulgation of an interim final rule, pursuant to which public comment will be sought before a final rule is issued, and (3) such that paragraph (1) shall apply solely to changes to rules and regulations, or proposed rules and regulations, that are limited to and directly a consequence of such amendments.