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Monday, August 6, 2012

Senate Bill Introduced to Amend Clearing Requirements

U.S. Senators Mike Johanns (R-Neb.), Mike Crapo (R-Idaho), Herb Kohl (D-Wis.), Jon Tester (D-Mont.), Pat Toomey (R-Pa.) and Kay Hagan (D-N.C.) introduced a bill to exempt farmers, ranchers, manufacturers and small businesses from certain Dodd-Frank swaps requirements. These businesses would be identified as end-users—using derivatives to insure against price fluctuations for commodities integral to their business operations.

A similar bill, H.R. 2682, has already passed in the House. ABA submitted a statement for the record to the House Agriculture Committee regarding the House bill, urging the same exemptions be extended to end-user banks, who use swaps to mitigate the risks of ordinary business activities.

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