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H.R. 2682 (112th): Business Risk Mitigation and Price Stabilization Act of 2012

The text of the bill below is as of Feb 8, 2012 (Reported by House Committee).


IB

Union Calendar No. 267

112th CONGRESS

2d Session

H. R. 2682

[Report No. 112–343, Parts I and II]

IN THE HOUSE OF REPRESENTATIVES

July 28, 2011

(for himself, Mr. Peters, Mr. Austin Scott of Georgia, and Mr. Owens) introduced the following bill; which was referred to the Committee on Financial Services, and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned

December 23, 2011

Reported from the Committee on Financial Services

December 23, 2011

Referral to the Committee on Agriculture extended for a period not ending later than February 1, 2012

February 1, 2012

Referral to the Committee on Agriculture extended for a period not ending later than February 8, 2012

February 8, 2012

Additional sponsors: Mr. Dold, Ms. Moore, Mr. Kingston, and Mr. McIntyre

February 8, 2012

Reported from the Committee on Agriculture with an amendment; committed to the Committee of the Whole House on the State of the Union and ordered to be printed

Strike out all after the enacting clause and insert the part printed in italic


A BILL

To provide end user exemptions from certain provisions of the Commodity Exchange Act and the Securities Exchange Act of 1934, and for other purposes.


1.

Short title

This Act may be cited as the Business Risk Mitigation and Price Stabilization Act of 2012.

2.

Margin requirements

(a)

Commodity Exchange Act amendment

Section 4s(e) of the Commodity Exchange Act (7 U.S.C. 6s(e)), as added by section 731 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, is amended by adding at the end the following new paragraph:

(4)

Applicability with respect to counterparties

The requirements of paragraphs (2)(A)(ii) and (2)(B)(ii) shall not apply to a swap in which a counterparty qualifies for an exception under section 2(h)(7)(A) or satisfies the criteria in section 2(h)(7)(D).

.

(b)

Securities Exchange Act amendment

Section 15F(e) of the Securities Exchange Act of 1934 (15 U.S.C. 78o–10(e)), as added by section 764(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, is amended by adding at the end the following new paragraph:

(4)

Applicability with respect to counterparties

The requirements of paragraphs (2)(A)(ii) and (2)(B)(ii) shall not apply to a security-based swap in which one of the counterparties to the security-based swap is not a financial entity as described in section 3C(g)(3), and such counterparty is eligible for the exception under section 3C(g)(1).

.

3.

Implementation

The amendments made by this Act shall be implemented—

(1)

without regard to—

(A)

chapter 35 of title 44, United States Code; and

(B)

the notice and comment provisions of section 553 of title 5, United States Code; and

(2)

through the promulgation of an interim final rule.

February 8, 2012

Reported from the Committee on Agriculture with an amendment; committed to the Committee of the Whole House on the State of the Union and ordered to be printed