S.1802 - Public Power Risk Management Act of 2013113th Congress (2013-2014)
|Sponsor:||Sen. Donnelly, Joe [D-IN] (Introduced 12/11/2013)|
|Committees:||Senate - Agriculture, Nutrition, and Forestry|
|Latest Action:||12/11/2013 Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry. (All Actions)|
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- Finance and Financial Sector
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Summary: S.1802 — 113th Congress (2013-2014)All Bill Information (Except Text)
Introduced in Senate (12/11/2013)
Public Power Risk Management Act of 2013 - Amends the Commodity Exchange Act to direct the Commodity Futures Trading Commission (CFTC), when it determines whether to provide an exemption to designation as a swap dealer, to treat a utility operations-related swap entered into with a utility special entity as if such swap were entered into with an entity that is not a special entity. (Thus exempts an entity entering into a utility operations-related swap with a utility special entity from mandatory registration as a swap dealer.)
Requires transactions in utility operations-related swaps to be reported according to requirements for the reporting of uncleared swaps.
Defines "utility special entity" as a special entity, or any instrumentality, department, or corporation of or established by a state or local government, that: (1) owns or operates an electric or natural gas facility or an electric or natural gas operation; (2) supplies natural gas or electric energy to another utility special entity; (3) has public service obligations under federal, state, or local law or regulation to deliver electric energy or natural gas service to customers; or (4) is a federal power marketing agency.
Redefines swap to include a utility operations-related swap.
Defines "utility operations-related swap" as one that: (1) is entered into to hedge or mitigate commercial risk; (2) is associated with specified transactions in electric energy or natural gas; and (3) is not a contract, agreement, or transaction based on, derived on, or referencing
- an interest rate, credit, equity, or currency asset class; or
- a metal, agricultural commodity, or crude oil or gasoline commodity of any grade, except as used as fuel for electric energy generation.