summary
Introduced
In Committee
Crossed Over
Passed
Dead
Introduced Session
113th Congress
Bill Summary
Public Power Risk Management Act of 2013 - Amends the Commodity Exchange Act to direct the Commodity Futures Trading Commission (CFTC), when it determines whether to provide an exemption to designation as a swap dealer, to treat a utility operations-related swap entered into with a utility special entity as if such swap were entered into with an entity that is not a special entity. (Thus exempts an entity entering into a utility operations-related swap with a utility special entity from mandatory registration as a swap dealer.) Requires transactions in utility operations-related swaps to be reported according to requirements for the reporting of uncleared swaps. Defines "utility special entity" as a special entity, or any instrumentality, department, or corporation of or established by a state or local government, that: (1) owns or operates an electric or natural gas facility or an electric or natural gas operation; (2) supplies natural gas or electric energy to another utility special entity; (3) has public service obligations under federal, state, or local law or regulation to deliver electric energy or natural gas service to customers; or (4) is a federal power marketing agency. Redefines swap to include a utility operations-related swap. Defines "utility operations-related swap" as one that: (1) is entered into to hedge or mitigate commercial risk; (2) is associated with specified transactions in electric energy or natural gas; and (3) is not a contract, agreement, or transaction based on, derived on, or referencing an interest rate, credit, equity, or currency asset class; or a metal, agricultural commodity, or crude oil or gasoline commodity of any grade, except as used as fuel for electric energy generation.
AI Summary
This bill, the Public Power Risk Management Act of 2013, aims to provide specific treatment for certain financial contracts called "utility operations-related swaps" when they are entered into by entities that own or operate electric or natural gas facilities, supply energy, have public service obligations, or are federal power marketing agencies, collectively defined as "utility special entities." Essentially, it directs the Commodity Futures Trading Commission (CFTC), a regulatory body overseeing futures and swap markets, to exempt these utility special entities from mandatory registration as "swap dealers" when they engage in these specific types of swaps. A swap dealer is an entity that regularly enters into swaps. The bill also requires that these utility operations-related swaps, which are defined as contracts used to manage commercial risks related to the generation, supply, or delivery of natural gas or electricity, be reported according to rules for uncleared swaps. This means that while these entities won't be considered swap dealers, their transactions will still be tracked and reported.
Committee Categories
Agriculture and Natural Resources
Sponsors (43)
Doug LaMalfa (R)*,
Dan Benishek (R),
Corrine Brown (D),
Lois Capps (D),
Tony Cárdenas (D),
Judy Chu (D),
K. Michael Conaway (R),
Jim Costa (D),
Rick Crawford (R),
Peter DeFazio (D),
Suzan DelBene (D),
Jeff Denham (R),
Renee Ellmers (R),
Anna Eshoo (D),
John Garamendi (D),
Cory Gardner (R),
Bob Gibbs (R),
Alan Grayson (D),
Tim Griffin (R),
Richard Hanna (R),
Vicky Hartzler (R),
Doc Hastings (R),
Michael Honda (D),
Richard Hudson (R),
Jared Huffman (D),
Walter Jones (R),
Barbara Lee (D),
Blaine Luetkemeyer (R),
Doris Matsui (D),
Tom McClintock (R),
Jerry McNerney (D),
Michael Michaud (D),
Reid Ribble (R),
Dennis Ross (R),
Linda Sánchez (D),
Adam Schiff (D),
Austin Scott (R),
David Scott (D),
Brad Sherman (D),
Mark Takano (D),
Scott Tipton (R),
Juan Vargas (D),
Ted Yoho (R),
Last Action
Received in the Senate and Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry. (on 06/13/2013)
Official Document
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