Commodity Delivery Relief Act

Bill: 113-hr-4267
Sponsor: full_name: Rep. McAllister, Vance M. [R-LA-5]
Introduced: 2014-03-14
Policy area: Finance and Financial Sector
Subjects: Commodities markets

Contracts and agency
Latest action: action_date: 2014-04-01
text: Referred to the Subcommittee on General Farm Commodities and Risk Management.

Summaries:
action_date: 2014-03-14
action_desc: Introduced in House
text: <p>Commodity Delivery Relief Act - Amends the Commodity Exchange Act to revise the exclusion from the definition of &quot;swap&quot; of any sale of a nonfinancial commodity or security for deferred shipment or delivery, so long as the transaction is intended to be physically settled.</p> <p>Excludes from the meaning of &quot;swap&quot; also: (1) any purchase of a nonfinancial commodity or security for deferred shipment or delivery, so long as the transaction is intended to be physically settled; and (2) any stand-alone or embedded option for which exercise results in a physical delivery obligation.</p>

tv_txt: I 113th CONGRESS 2d Session H. R. 4267 IN THE HOUSE OF REPRESENTATIVES March 14, 2014 Mr. McAllister introduced the following bill; which was referred to the Committee on Agriculture A BILL To amend the Commodity Exchange Act to provide relief for end users who use physical contracts with volumetric optionality.

1. Short title This Act may be cited as the Commodity Delivery Relief Act . 2. Relief for end users who use physical contracts with volumetric optionality Section 1a(47)(B)(ii) of the Commodity Exchange Act ( 7 U.S.C. 1a(47)(B)(ii) ) is amended to read as follows: (ii) any purchase or sale of a nonfinancial commodity or security for deferred shipment or delivery, so long as the transaction is intended to be physically settled, including any stand-alone or embedded option for which exercise results in a physical delivery obligation; .