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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (1)

Official Titles

Official Titles - House of Representatives

Official Title as Introduced

To amend title 11 of the United States Code regarding swap agreements and forward contracts.


Actions Overview (7)

Date
06/25/1990Became Public Law No: 101-311.
06/25/1990Signed by President.
06/13/1990Presented to President.
06/06/1990Passed/agreed to in Senate: Passed Senate without amendment by Voice Vote.
05/15/1990Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.
05/14/1990Reported by the Committee on Judiciary. H. Rept. 101-484. Filed late, pursuant to previous special order.
04/25/1990Introduced in House

All Actions (24)

Date Chamber
06/25/1990Became Public Law No: 101-311.
06/25/1990Signed by President.
06/13/1990HousePresented to President.
06/13/1990SenateMeasure Signed in Senate.
06/07/1990SenateMessage on Senate action sent to the House.
06/06/1990SenatePassed Senate without amendment by Voice Vote.
05/18/1990SenateReceived in the Senate. Read twice. Placed on Senate Legislative Calendar under General Orders. Calendar No. 557.
05/15/1990-1:05pmHouseMotion to reconsider laid on the table Agreed to without objection.
05/15/1990-1:05pmHouseOn motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.
05/15/1990-12:52pmHouseDEBATE - The House proceeded with forty minutes of debate.
05/15/1990-12:52pmHouseConsidered under suspension of the rules.
05/15/1990-12:52pmHouseOn ordering a second Agreed to without objection.
05/15/1990-12:51pmHouseMr. Fish demanded a second on the motion to suspend the rules.
05/15/1990-12:50pmHouseMr. Brooks moved to suspend the rules and pass the bill, as amended.
05/14/1990HousePlaced on the Union Calendar, Calendar No. 298.
05/14/1990HouseReported by the Committee on Judiciary. H. Rept. 101-484. Filed late, pursuant to previous special order.
05/14/1990HouseMr. Mazzoli asked unanimous consent that the Committee on Judiciary have until 5:00 p.m. on May 14 to file a report on H.R. 4612. Agreed to without objection.
05/01/1990HouseCommittee Consideration and Mark-up Session Held.
Action By: Committee on the Judiciary
05/01/1990HouseOrdered to be Reported.
Action By: Committee on the Judiciary
04/26/1990HouseReferred to the Subcommittee on Economic and Commercial Law.
Action By: Committee on the Judiciary
04/26/1990HouseSubcommittee Consideration and Mark-up Session Held.
Action By: House Judiciary Subcommittee on Economic and Commercial Law
04/26/1990HouseForwarded by Subcommittee to Full Committee.
Action By: House Judiciary Subcommittee on Economic and Commercial Law
04/25/1990HouseReferred to the House Committee on Judiciary.
04/25/1990HouseIntroduced in House

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
House Judiciary04/25/1990 Referred to
05/01/1990 Markup by
05/14/1990 Reported by H.Rept 101-484
House Judiciary Subcommittee on Economic and Commercial Law04/26/1990 Referred to
04/26/1990 Markup by
04/26/1990 Reported by

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Subjects (10)


Latest Summary (2)

There are 2 summaries for H.R.4612. View summaries

Shown Here:
Passed House amended (05/15/1990)

Title I: Swap Agreements - Amends Federal bankruptcy law to define "swap agreement" and "swap participant."

Exempts various transactions in connection with currency swap agreements from the automatic stay triggered by the filing of a bankruptcy petition.

Prohibits the trustee in bankruptcy from avoiding any transfer made under a swap agreement before commencement of the bankruptcy case or any setoff in connection with a swap agreement if the offset is made within 90 days prior to the bankruptcy filing.

Provides that the contractual right of a nonbankrupt party to a swap agreement to terminate the agreement shall not be stayed or otherwise limited under Federal bankruptcy law or by related judicial or administrative proceedings.

Title II: Forward Contracts - Amends Federal bankruptcy law to revise the definition of "forward contract" to include commodities enumerated in the Commodity Exchange Act as well as any similar item which is presently or may in the future become the subject of dealing in the forward contract trade. Designates specified transactions within the definition of "forward contract" including repurchase and reverse repurchase transactions, options and hedge transactions. Defines margin payments and settlement payments for forward contract purposes. Exempts any set-offs involving such payments from: (1) the automatic stay provisions triggered by a bankruptcy petition; and (2) avoidance powers of the bankruptcy trustee.

Provides that a swap participant that receives a margin or settlement payment in connection with a swap agreement takes for value to the extent of such transfer (thus exempting such payments from scrutiny as to whether they are actually fair value for the amount used). Revises the scope of contract rights liquidating a forward contract to include rights not evidenced in writing, arising under common law, under merchant law, or by reason of normal business practice.