Small Financial Institution Certainty Act

Bill: 116-hr-4604
Sponsor: full_name: Rep. Dunn, Neal P. [R-FL-2]
Introduced: 2019-10-04
Policy area: Finance and Financial Sector
Subjects: Banking and financial institutions regulation

Commodities markets
Latest action: action_date: 2019-10-16
text: Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.

Summaries:
action_date: 2019-10-04
action_desc: Introduced in House
text: <p><b>Small Financial Institution Certainty Act </b></p> <p>This bill requires the Commodity Futures Trading Commission (CFTC) to exempt certain financial institutions from clearing requirements for commodity swaps. Specifically, the CFTC must exempt insured depository institutions, farm credit system institutions, credit unions, bank holding companies, and savings and loan holding companies that have less than $10 billion in assets. Currently, the CFTC has discretion regarding whether to exempt depository institutions, farm credit system institutions, and credit unions that have less than $10 billion in assets. </p>

tv_txt: I 116th CONGRESS 1st Session H. R. 4604 IN THE HOUSE OF REPRESENTATIVES October 4, 2019 Mr. Dunn (for himself and Mr. Cox of California ) introduced the following bill; which was referred to the Committee on Agriculture A BILL To clarify the clearing exemption for small financial institutions under the Commodity Exchange Act.

1. Short title This Act may be cited as the Small Financial Institution Certainty Act . 2. Certainty for small holding companies 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) Small financial entity exclusion Such definition shall not include any— (I) insured depository institution with total assets of $10,000,000,000 or less; (II) farm credit system institution with total assets of $10,000,000,000 or less; (III) credit union with total assets of $10,000,000,000 or less; (IV) bank holding company (as defined in section 2 of the Bank Holding Company Act of 1956) that has aggregated assets, including the assets of its subsidiaries, of $10,000,000,000 or less; or (V) savings and loan holding company (as defined in section 10 of the Home Owners’ Loan Act of 1933) that has aggregated assets, including the assets of its subsidiaries, of $10,000,000,000 or less. .