EXPORT Act of 2022

Bill: 117-hr-8836
Sponsor: full_name: Rep. Owens, Burgess [R-UT-4]
Introduced: 2022-09-15
Policy area: Finance and Financial Sector
Latest action: action_date: 2022-11-29
text: Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.

Summaries:
action_date: 2022-09-15
action_desc: Introduced in House
text: <p><b>Expanding Possibilities and Opportunities to Reinvigorate Trade Act of 2022 or the EXPORT Act of 2022</b></p> <p>This bill exempts certain money transmitters from specified capital and margin requirements that otherwise apply to counterparty swaps. Specifically, these money transmitters must (1) only enter into swaps for the purpose of offsetting risks from foreign currency contracts with a non-end user, and (2) have annual assets of $1 billion or less. </p>

tv_txt: I 117th CONGRESS 2d Session H. R. 8836 IN THE HOUSE OF REPRESENTATIVES September 15, 2022 Mr. Owens introduced the following bill; which was referred to the Committee on Agriculture A BILL To amend the Commodity Exchange Act to exempt certain small companies that utilize foreign exchange from certain capital and margin requirements in order to enhance opportunities for small businesses to improve trade and export markets, and for other purposes.

1. Short title This Act may be cited as the Expanding Possibilities and Opportunities to Reinvigorate Trade Act of 2022 or the EXPORT Act of 2022 . 2. 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) by striking the period at the end and inserting ; or ; and (3) by adding at the end the following: (B) 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; (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 (iv) has total assets of $1,000,000,000 or less on the last day of its most recent fiscal year. .