H.R. 4612 (101st): To amend title 11 of the United States Code regarding swap agreements and forward contracts.

Introduced:
Apr 25, 1990 (101st Congress, 1989–1990)
Status:
Signed by the President on Jun 25, 1990
Slip Law:
This bill became Pub.L. 101-311.

This bill was enacted after being signed by the President on June 25, 1990.

Introduced
Apr 25, 1990
Reported by Committee
May 01, 1990
Passed House
May 15, 1990
Passed Senate
Jun 06, 1990
Signed by the President
Jun 25, 1990
 
Sponsor
Jack Brooks
Representative for Texas's 9th congressional district
Party
Democrat
Text
Read Text »
Last Updated
Jun 25, 1990
Length
Related Bills
S. 396 (identical)

Passed Senate
Last Action: Jun 06, 1990

H.R. 2057 (Related)
To amend title 11 of the United States Code, the bankruptcy code, regarding swap ...

Referred to Committee
Last Action: Apr 18, 1989

 
Summary

No summaries available.

 
Cosponsors
8 cosponsors (7D, 1R) (show)
Committees

House Judiciary

Regulatory Reform, Commercial, and Antitrust Law

The committee chair determines whether a bill will move past the committee stage.

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

H.R. stands for House of Representatives bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.


5/15/1990--Passed House amended.
TitleI - Swap Agreements
Amends Federal bankruptcy law to define "swap agreement" and "swap participant." Exempts various transactions in connection with currency swap agreements from the automatic stay triggered by the filing of a bankruptcy petition.
Prohibits the trustee in bankruptcy from avoiding any transfer made under a swap agreement before commencement of the bankruptcy case or any setoff in connection with a swap agreement if the offset is made within 90 days prior to the bankruptcy filing.
Provides that the contractual right of a nonbankrupt party to a swap agreement to terminate the agreement shall not be stayed or otherwise limited under Federal bankruptcy law or by related judicial or administrative proceedings.
TitleII - Forward Contracts
Amends Federal bankruptcy law to revise the definition of "forward contract" to include commodities enumerated in the Commodity Exchange Act as well as any similar item which is presently or may in the future become the subject of dealing in the forward contract trade.
Designates specified transactions within the definition of "forward contract" including repurchase and reverse repurchase transactions, options and hedge transactions.
Defines margin payments and settlement payments for forward contract purposes.
Exempts any set-offs involving such payments from:
(1) the automatic stay provisions triggered by a bankruptcy petition; and
(2) avoidance powers of the bankruptcy trustee.
Provides that a swap participant that receives a margin or settlement payment in connection with a swap agreement takes for value to the extent of such transfer (thus exempting such payments from scrutiny as to whether they are actually fair value for the amount used).
Revises the scope of contract rights liquidating a forward contract to include rights not evidenced in writing, arising under common law, under merchant law, or by reason of normal business practice.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

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