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Thursday, March 21, 2013

House Ag Committee Approves Seven Swaps Bills

The House Agriculture Committee yesterday approved seven bills that would amend the Dodd-Frank Act’s swaps provisions.

The bills include the following:

H.R. 634, the Business Risk Mitigation and Price Stabilization Act, ensures that end-users can continue to use derivatives to manage business risks without being subject to costly margin requirements.

H.R. 677, the Inter-Affiliate Swap Clarification Act, ensures that transactions between affiliates within a single corporate group are not regulated as swaps.

H.R. 742, the Swap Data Repository and Clearinghouse Indemnification Correction Act of 2013, would allow data sharing between U.S. and international regulators and swap data repositories without adding an unnecessary layer of legal bureaucracy.

H.R. 992, the Swaps Regulatory Improvement Act, amends Section 716 of the Dodd-Frank Act to limit the swap desk push-out requirement so that it only applies to certain swaps based on certain asset-backed securities.

H.R. 1003 would require the CFTC to assess the costs and benefits of its actions.

H.R. 1038, the Public Power Risk Management Act, would allow producers, utility companies, and other non-financial entities to continue entering into energy swaps with government-owned utilities without being required to register with the CFTC as a swap dealer.

H.R. 1256, the Swap Jurisdiction Certainty Act, would direct the CFTC SEC to adopt a joint rule on how they will regulate cross-border swaps transactions as part of the new requirements created in the Dodd-Frank Act.

ABA in a memo outlined its positions on five of the measures.

Read the committee’s press release.

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