To amend the Commodity Exchange Act to exempt certain small entities dealing in foreign exchange that serve small- and medium-sized businesses from certain capital and margin requirements, and for other purposes.

Bill: 115-hr-6162
Sponsor: full_name: Rep. Love, Mia B. [R-UT-4]
Introduced: 2018-06-20
Policy area: Finance and Financial Sector
Subjects: Currency

International monetary system and foreign exchange
Latest action: action_date: 2018-07-19
text: Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.

Summaries:
action_date: 2018-06-20
action_desc: Introduced in House
text: <p>This bill amends the Commodity Exchange Act to exempt certain money transmitters from specified capital and margin requirements that otherwise apply to counterparty swaps.</p>

tv_txt: I 115th CONGRESS 2d Session H. R. 6162 IN THE HOUSE OF REPRESENTATIVES June 20, 2018 Mrs. Love (for herself and Mr. David Scott of Georgia ) introduced the following bill; which was referred to the Committee on Agriculture A BILL To amend the Commodity Exchange Act to exempt certain small entities dealing in foreign exchange that serve small- and medium-sized businesses from certain capital and margin requirements, and for other purposes.

1. Applicability of capital and margin requirements to counterparties Section 4s(e)(4) of the Commodity Exchange Act ( 7 U.S.C. 6s(e)(4) ) is amended— (1) by striking counterparty qualifies and inserting the following: “counterparty— (A) qualifies ; (2) in subparagraph (A) (as so designated), by striking the period at the end and inserting ; or ; and (3) by adding at the end the following: (B) (i) is a money transmitter (as defined in section 1010.100(ff)(5) of title 31, Code of Federal Regulations (or any successor regulation)) that— (I) is regulated by a State, the District of Columbia, or a territory or possession of the United States for financial adequacy; (II) is registered in accordance with section 1022.380 of title 31, Code of Federal Regulations (or any successor regulation); and (III) enters only into swaps exclusively for the purpose of offsetting risks generated from foreign currency contracts with an entity that is not a financial end user (as defined in section 23.151 of title 17, Code of Federal Regulations (or any successor regulation)); and (ii) has total assets of $1,000,000,000 or less on the last day of its most recent fiscal year. .