H.R.5649 - Manufacturing Certainty and Captive Finance Affiliate Clarification Act112th Congress (2011-2012)
|Sponsor:||Rep. Schilling, Robert T. [R-IL-17] (Introduced 05/08/2012)|
|Committees:||House - Agriculture|
|Latest Action:||05/30/2012 Referred to the Subcommittee on General Farm Commodities and Risk Management. (All Actions)|
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Summary: H.R.5649 — 112th Congress (2011-2012)All Bill Information (Except Text)
Introduced in House (05/08/2012)
Manufacturing Certainty and Captive Finance Affiliate Clarification Act - Amends the Commodity Exchange Act to redefine an exclusion from "major swap participant" (and as a result from the swap clearing requirement) an entity (captive finance company) whose primary business is providing financing that facilitates the sale or lease of products by or on behalf of the parent company or its subsidiary, and uses derivatives only for the purpose of hedging underlying commercial risks in a consolidated financing and leasing portfolio at least 90% of which, as of the end of its preceding fiscal year, is qualifying financing (including loans, notes, installment sales contracts, receivables, and operating and financing leases).
Declares amendments made by this Act effective as of the enactment of the Wall Street Transparency and Accountability Act of 2010 (title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act).