Risk Management Certainty Act

Bill: 113-hr-3814
Sponsor: full_name: Rep. Hudson, Richard [R-NC-8]
Introduced: 2014-01-07
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures

Commodities markets

Commodity Futures Trading Commission
Latest action: action_date: 2014-02-12
text: Referred to the Subcommittee on General Farm Commodities and Risk Management.

Summaries:
action_date: 2014-01-07
action_desc: Introduced in House
text: <p>Risk Management Certainty Act - Amends the Commodity Exchange Act to revise the de minimis exemption from designation as a swap dealer. Specifies the de minimus quantity of swap dealing as at least $8 billion.</p> <p>(The Commodity Futures Trading Commission [CFTC] is required to exempt from designation as a swap dealer any entity that engages in de minimis quantity of swap dealing in connection with transactions with or on behalf of its customers.)</p> <p>Directs the CFTC to include, among the factors used in determining swap dealer exemptions, any monetary or other levels it has established. Prescribes affirmative CFTC action, either by rule or by regulation, as a prerequisite to changing or amending such levels.</p>

tv_txt: I 113th CONGRESS 2d Session H. R. 3814 IN THE HOUSE OF REPRESENTATIVES January 7, 2014 Mr. Hudson introduced the following bill; which was referred to the Committee on Agriculture A BILL To amend the Commodity Exchange Act to require the de minimis quantity of swap dealing needed to qualify for exemption from designation as a swap dealer to be changed by a vote of the Commodity Futures Trading Commission.

1. Short title This Act may be cited as the Risk Management Certainty Act . 2. Commission vote required before automatic change of swap dealer de minimis level Section 1a(49)(D) of the Commodity Exchange Act ( 7 U.S.C. 1a(49)(D) ) is amended to read as follows: (D) De minimis exception The Commission shall exempt from designation as a swap dealer an entity that engages in a de minimis quantity of swap dealing (which shall not be less than $8,000,000,000) in connection with transactions with or on behalf of its customers. The Commission shall promulgate regulations to establish the factors to be used in a determination to so exempt, including any monetary or other levels established by the Commission, and such levels shall only be amended or changed through an affirmative action of the Commission undertaken by rule or regulation. .