United States 112th Congress Status: Died 1 R cosponsors

HR 1573 — To facilitate implementation of title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act, promote regulatory coordination, and avoid market disruption.

Last action — Placed on the Union Calendar, Calendar No. 63.

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  1. ✓
    Introduced
  2. Died in session

This bill died with 112th Congress. It reached “Introduced” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

(Sec. 1) Amends the Wall Street Transparency and Accountability Act of 2010, Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act, to delay until December 31, 2012, or 90 days after publication of the relevant final rule or regulation (unless the rule or regulation specifies a later date), or the otherwise applicable effective date, whichever is the latest, the effective date for implementation of certain parts of Title VII, including the promulgation of regulations, the conduct of studies and preparation of reports, and the registration of persons, as well as the exemption of persons, agreements, contracts, or transactions from coverage by Title VII. Exempts from such delay, however, the authority of the Commodity Futures Trading (CFTC) and the Securities and Exchange Commission (SEC) to issue final definitions pertaining to swap transactions, swap participants, and eligible contract participants. Requires the CFTC and the SEC to further define swaps and related terms subject to their joint rulemaking. States that the effective date for CFTC reporting of swap-data and SEC reporting of security-based swap data is 90 days after publication of the final rule in the Federal Register, or the effective date otherwise applicable to such reporting, whichever is later. Grants the CFTC and the SEC interim authority to permit the reporting of swap data and security-based swap data to certain persons who have: (1) provided notice of their intention to register as a swap data repository or as a security-based swap data repository, and (2) made appropriate undertakings to the respective Commission as the latter determines to be in the public interest. (Sec. 2) Requires the two Commissions, before prescribing final rules and regulations under Title VII, to conduct additional public hearings and roundtables on specified issues, solicit public comment, and take into account the testimony of interested parties when performing mandatory cost-benefit analyses and when determining the effective date of final rules and regulations. (Sec. 3) Amends the Commodity Exchange Act (CEA) and the Securities Exchange Act of 1934 to authorize the CFTC and the SEC, respectively, to exempt a person from the registration and related regulatory requirements of such Acts if: (1) the person is subject to comparable supervision and regulation under a regulatory scheme administered by another regulatory authority or the appropriate government authorities in the person's home country that is comparable to the requirements of Title VII, (2) adequate information-sharing arrangements are in effect between the agencies and the foreign regulator, and (3) the exemption is consistent with the public interest .

Bill Text

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Read HR 1573 on the official United States source →

Action History

  1. Placed on the Union Calendar, Calendar No. 63.

  2. Reported (Amended) by the Committee on Agriculture. H. Rept. 112-109, Part II.

  3. Reported (Amended) by the Committee on Financial Services. H. Rept. 112-109, Part I.

  4. Ordered to be Reported (Amended) by the Yeas and Nays: 30 - 24.

  5. Committee Consideration and Mark-up Session Held.

  6. Ordered to be Reported (Amended) by Voice Vote.

  7. Committee Consideration and Mark-up Session Held.

  8. Referred to House Agriculture

  9. Referred to House Financial Services

  10. 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.

  11. Hearings Held Prior to Introduction.

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

taxation finance
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does HR 1573 do?
(Sec. 1) Amends the Wall Street Transparency and Accountability Act of 2010, Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act, to delay until December 31, 2012, or 90 days after publication of the relevant final rule or regulation (unless the rule or regulation specifies a later date), or the otherwise applicable effective date, whichever is the latest, the effective date for implementation of certain parts of Title VII, including the promulgation of regulations, the conduct of studies and preparation of reports, and the registration of persons, as well as the exemption of persons, agreements, contracts, or transactions from coverage by Title VII. Exempts from such delay, however, the authority of the Commodity Futures Trading (CFTC) and the Securities and Exchange Commission (SEC) to issue final definitions pertaining to swap transactions, swap participants, and eligible contract participants. Requires the CFTC and the SEC to further define swaps and related terms subject to their joint rulemaking. States that the effective date for CFTC reporting of swap-data and SEC reporting of security-based swap data is 90 days after publication of the final rule in the Federal Register, or the effective date otherwise applicable to such reporting, whichever is later. Grants the CFTC and the SEC interim authority to permit the reporting of swap data and security-based swap data to certain persons who have: (1) provided notice of their intention to register as a swap data repository or as a security-based swap data repository, and (2) made appropriate undertakings to the respective Commission as the latter determines to be in the public interest. (Sec. 2) Requires the two Commissions, before prescribing final rules and regulations under Title VII, to conduct additional public hearings and roundtables on specified issues, solicit public comment, and take into account the testimony of interested parties when performing mandatory cost-benefit analyses and when determining the effective date of final rules and regulations. (Sec. 3) Amends the Commodity Exchange Act (CEA) and the Securities Exchange Act of 1934 to authorize the CFTC and the SEC, respectively, to exempt a person from the registration and related regulatory requirements of such Acts if: (1) the person is subject to comparable supervision and regulation under a regulatory scheme administered by another regulatory authority or the appropriate government authorities in the person's home country that is comparable to the requirements of Title VII, (2) adequate information-sharing arrangements are in effect between the agencies and the foreign regulator, and (3) the exemption is consistent with the public interest .
Who sponsors HR 1573?
HR 1573 is sponsored by Frank Lucas (R).
What is the current status of HR 1573?
This bill died with 112th Congress. It reached “Introduced” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HR 1573?
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