summary
Introduced
02/13/2013
02/13/2013
In Committee
05/07/2013
05/07/2013
Crossed Over
06/13/2013
06/13/2013
Passed
Dead
01/03/2015
01/03/2015
Introduced Session
113th Congress
Bill Summary
Business Risk Mitigation and Price Stabilization Act of 2013 - Amends the Commodity Exchange Act (CEA) to exempt, from the rules of prudential regulators for swap dealers and major swap participants with respect to initial and variation margin requirements for swaps not cleared by a registered derivatives clearing organization (including any such requirements imposed by related rules), those swaps in which one of the counterparties: (1) is eligible for an exemption from clearing requirements for certain significant price discovery agreements, contracts, or transactions in a commodity exempt from regulation by the Commodity Futures Trading Commission (CFTC); (2) is eligible for a public interest exemption from swap clearing requirements for certain cooperative entities; or (3) satisfies specified criteria governing treatment of affiliates in connection with clearing requirements. Amends the Securities Exchange Act of 1934, regarding registration and regulation of security-based swap dealers and major security-based swap participants, to exempt from initial and variation margin requirements for swaps not cleared by a registered derivatives clearing organization a security-based swap in which one of the counterparties: (1) qualifies for a specified exception from clearing requirements, or (2) satisfies certain criteria governing the treatment of affiliates. Requires that the amendments to CEA made by this Act be implemented: (1) without regard to federal information policy requirements or the notice and comment requirements of federal administrative procedure; and (2) through promulgation of an interim final rule, pursuant to which public comment will be sought before a final rule is issued. Limits the disregard of such federal information policy and notice and comment requirements solely to changes to rules and regulations, or proposed rule and regulations, that are limited to, and directly a consequence of, the amendments to CEA made by this Act.
Committee Categories
Business and Industry, Housing and Urban Affairs
Sponsors (9)
Michael Grimm (R)*,
K. Michael Conaway (R),
Stephen Fincher (R),
Mike McIntyre (D),
William Owens (D),
Gary Peters (D),
Austin Scott (R),
David Scott (D),
Juan Vargas (D),
Last Action
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (on 06/13/2013)
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