H.R.634 - Business Risk Mitigation and Price Stabilization Act of 2013113th Congress (2013-2014)
|Sponsor:||Rep. Grimm, Michael G. [R-NY-11] (Introduced 02/13/2013)|
|Committees:||House - Financial Services; Agriculture | Senate - Banking, Housing, and Urban Affairs|
|Committee Reports:||House Report 113-105,Part 1; House Report 113-105,Part 2|
|Latest Action:||06/13/2013 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.|
|Major Recorded Votes:||06/12/2013 : Passed House|
This bill has the status Passed House
Here are the steps for Status of Legislation:
- Passed House
Summary: H.R.634 — 113th Congress (2013-2014)All Bill Information (Except Text)
Passed House amended (06/12/2013)
Business Risk Mitigation and Price Stabilization Act of 2013 - Amends the Commodity Exchange Act (CEA) to exempt, from the rules of prudential regulators for swap dealers and major swap participants with respect to initial and variation margin requirements for swaps not cleared by a registered derivatives clearing organization, those swaps in which one of the counterparties: (1) is eligible for an exception from clearing requirements because it is not a financial entity, uses swaps to hedge or mitigate commercial risk, and notifies the Commodity Futures Trading Commission (CFTC) how it meets financial obligations associated with entering into non-cleared swaps; (2) is eligible for a public interest exemption from swap clearing requirements for certain cooperative entities; or (3) satisfies specified criteria governing treatment of affiliates in connection with clearing requirements.
Amends the Securities Exchange Act of 1934, regarding registration and regulation of security-based swap dealers and major security-based swap participants, to exempt from initial and variation margin requirements for swaps not cleared by a registered derivatives clearing organization a security-based swap in which one of the counterparties: (1) qualifies for a specified exception from clearing requirements, or (2) satisfies certain criteria governing the treatment of affiliates.
Requires that the amendments to CEA made by this Act be implemented: (1) without regard to federal information policy requirements or the notice and comment requirements of federal administrative procedure; and (2) through promulgation of an interim final rule, pursuant to which public comment will be sought before a final rule is issued.
Limits the disregard of such federal information policy and notice and comment requirements solely to changes to rules and regulations, or proposed rule and regulations, that are limited to, and directly a consequence of, the amendments to CEA made by this Act.