GovTrack’s Bill Summary
We don’t have a summary available yet.
This bill passed in the House on June 12, 2013 and goes to the Senate next for consideration.
19% chance of being enacted.
The following factors determined this bill’s prognosis:
The sponsor is on a committee to which the bill has been referred, and the sponsor is a member of the majority party. ▲
The sponsor is in the majority party and at least one third of the bill's cosponsors are from the minority party. ▲
The bill's companion S. 1802 was sponsored by a member of the other party. ▲
Companion bill S. 1802: The sponsor is in the majority party and at least one third of the bill's cosponsors are from the minority party. ▲
The bill was introduced in the first year of the Congress. ▼
6+ cosponsors serve on a committee to which the bill has been referred. ▼
The bill was referred to House Agriculture. ▼
There is at least one cosponsor from the majority party and one cosponsor outside of the majority party. ▲▼
Key: ▲ Correlated with successful bills. ▼ Correlated with unsuccessful bills. ▲▼ Correlated with bills that get past committee but are not enacted. Correlation may not indicate causation.
Last updated Jun 13, 2013.
|Referred to Committee|
|Reported by Committee|
|Signed by the President||...|
To provide equal treatment for utility special entities using utility operations-related swaps, and for other purposes.
The committee chair determines whether a bill will move past the committee stage.
No summaries available.
Click a format for a citation suggestion:
H.R. 1038--113th Congress: Public Power Risk Management Act of 2013. (2013). In www.GovTrack.us. Retrieved March 7, 2014, from http://www.govtrack.us/congress/bills/113/hr1038
“H.R. 1038--113th Congress: Public Power Risk Management Act of 2013.” www.GovTrack.us. 2013. March 7, 2014 <http://www.govtrack.us/congress/bills/113/hr1038>
|title=H.R. 1038 (113th)
|accessdate=March 7, 2014
|author=113th Congress (2013)
|date=March 11, 2013
|quote=Public Power Risk Management Act of 2013
We don’t have a summary available yet.
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.
This summary can be found at http://www.gop.gov/bill/113/1/hr1038.
In 2012, the CFTC published a rule that further defined who is considered a “swap dealer” under the Dodd-Frank Act. Under the rule, entities do not have to register as a “swap dealer” if their annual gross notional swap positions do not exceed one of two thresholds: (1) $8 billion (phased-down to $3 billion), known as the “general de minimis threshold”; or (2) $25 million for swaps with a “special entity,” known as the “special entity threshold.”
Dodd-Frank broadly defined a special entity to include any government-owned enterprise, including publicly-owned natural gas and electricity utility companies. Many private companies that engage in swaps with public utilities, however, have reported that they may have to stop doing business with public utilities if they have to register as a swap dealer. By including public utility companies under the special entity threshold, this provision has threatened to remove a key tool for public utilities to hedge against operational risks. Thus, taxpayers may actually face increased costs as a result of a provision originally intended to protect them from risk.
H.R. 1038 exempts these private companies from the special utility threshold and instead places them under the general de minimis threshold, thereby removing the threat to taxpayers and public natural gas and electricity companies.
H.R. 1038 creates a new category of swaps known as the “utility operations-related swap”, which is defined as being related to the production or generation of electric energy or natural gas. The bill categorizes counterparties of utility special entities that are engaged in utility operations-related swaps under the general de minimis registration threshold of $8 billion, instead of the much lower special entity registration threshold.
In effect, this provision removes potentially burdensome registration requirements for parties that engage in utility operations-related swaps with utility companies, helping to ensure that there are enough swap partners to sufficiently mitigate risk. However, to ensure transparency, all special entity swap transactions are still required to be reported to the Commodity Futures Trading Commission (CFTC).
According to CBO, pay-as-you-go procedures apply because it could affect direct spending. However, CBO estimates that “the net effect on direct spending would not be significant in any year.”
The House Democratic Caucus does not provide summaries of bills.
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We’ll be looking for a source of summaries from the other side in the meanwhile.
The bill contains the following citations to other parts of U.S. law:
The United States Code is the compilation of general and permanent laws enacted by Congress. Laws that are not permanent in nature, law that affect a single individual, family, or small group, regulations, case law, state law, and local law do not appear in the United States Code.