To extend the exemption of small banks and savings associations from classification as a financial entity for purposes of the swaps clearing requirements of the Commodity Exchange Act to their holding companies.

Bill: 114-hr-4353
Sponsor: full_name: Rep. Emmer, Tom [R-MN-6]
Introduced: 2016-01-08
Policy area: Finance and Financial Sector
Subjects: Banking and financial institutions regulation

Commodities markets
Latest action: action_date: 2016-01-22
text: Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.

Summaries:
action_date: 2016-01-08
action_desc: Introduced in House
text: <p>This bill amends the Commodity Exchange Act to exclude from the meaning of &quot;financial entity,&quot; and so exempt from swap clearing requirements, the bank holding company or savings and loan holding company of a small bank or savings association (whose total assets are $10 billion or less) if the total consolidated assets of the holding company are no greater than that asset threshold.</p>

tv_txt: I 114th CONGRESS 2d Session H. R. 4353 IN THE HOUSE OF REPRESENTATIVES January 8, 2016 Mr. Emmer of Minnesota introduced the following bill; which was referred to the Committee on Agriculture A BILL To extend the exemption of small banks and savings associations from classification as a financial entity for purposes of the swaps clearing requirements of the Commodity Exchange Act to their holding companies.

1. Small bank holding company clearing exemption Section 2(h)(7)(C) of the Commodity Exchange Act ( 7 U.S.C. 2(h)(7)(C) ) is amended by adding at the end the following: (iv) Holding companies A determination made by the Commission under clause (ii) shall, with respect to small banks and savings associations, also apply to their respective bank holding company (as defined in section 2 of the Bank Holding Company Act of 1956), or savings and loan holding company (as defined in section 10 of the Home Owners’ Loan Act of 1933), if the total consolidated assets of the holding company are no greater than the asset threshold set by the Commission in determining small bank and savings association eligibility under clause (ii). .