Swap Jurisdiction Certainty Act
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HR 1256 — Swap Jurisdiction Certainty Act
Last action — Received in the Senate and Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
No card. One bill, free forever — alerts when it moves.
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✓Introduced
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✓In Committee
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Died in session
This bill died with 113th Congress. It reached “In Committee” 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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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
Swap Jurisdiction Certainty Act - Directs the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to issue jointly rules governing the application of swaps requirements of the Securities Exchange Act of 1934 and the Commodity Exchange Act, relating to cross-border swaps and security-based swaps transactions involving U.S. persons or non-U.S. persons. Requires such rules to be identical (except to the extent necessary to accommodate differences in other underlying statutory requirements), and to address: (1) the nature of the connections to the United States that require a non-U.S. person to register as a swap dealer, major swap participant, security-based swap dealer, or security-based swap participant under each Commission's respective Acts and related regulations; (2) the extent to which U.S. swaps requirements shall apply to the swap and security-based swap activities of non-U.S. persons, U.S. persons, and their branches, agencies, subsidiaries, and affiliates outside the United States; and (3) the circumstances under which a non-U.S. person in compliance with the regulatory requirements of a foreign jurisdiction shall be exempt from U.S. swaps requirements. Directs the Commissions to exempt from U.S. swaps requirements any non-U.S. person in compliance with the swaps regulatory requirements of a country or administrative region having one of the nine largest combined swap and security-based swap markets by notional amount in the calendar year preceding issuance of such rules (unless the Commissions jointly determine that such requirements are not broadly equivalent to U.S. swaps requirements). Requires the Commissions to report to Congress if they determine jointly that the regulatory requirements of such foreign jurisdictions are not broadly equivalent to U.S. swaps requirements.
Bill Text
We don't have the full text on file for this bill yet.
Read HR 1256 on the official United States source →Action History
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Received in the Senate and Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
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On passage Passed by recorded vote: 301 - 124 (Roll no. 218). (text: CR H3318)
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Motion to reconsider laid on the table Agreed to without objection.
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On motion to recommit with instructions Failed by the Yeas and Nays: 194 - 230 (Roll no. 217). (consideration: CR H3332)
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DEBATE - The House proceeded with 10 minutes of debate on the Sean Maloney motion to recommit with instructions. The instructions contained in the motion seek to report the same back to the House forthwith with an amendment to require the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) to rule that foreign entities are not broadly equivalent to U.S. swaps requirements if they: (1) engage in cyber attacks against the U.S. (including U.S. persons and businesses), do not have or enforce laws to deter cyber attacks, or have ever been the subject of a civil or criminal proceeding for cyber attacks; or (2) are in violation of, do not enforce comparable restrictions to, or have ever been the subject of a civil or criminal proceeding for violating Iran Sanctions.
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Mr. Maloney, Sean moved to recommit with instructions to Financial Services. (consideration: CR H3330-3332; text: CR H3330-3331)
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The previous question was ordered pursuant to the rule. (consideration: CR H3330)
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DEBATE - The House proceeded with one hour of debate on H.R. 1256.
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Resolution provides for one hour of general debate on H.R. 1960. Resolution also provides for one hour of general debate on H.R. 1256 under a closed rule.
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Considered under the provisions of rule H. Res. 256. (consideration: CR H3317-3332)
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Rule H. Res. 256 passed House.
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Rules Committee Resolution H. Res. 256 Reported to House. Resolution provides for one hour of general debate on H.R. 1960. Resolution also provides for one hour of general debate on H.R. 1256 under a closed rule.
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Placed on the Union Calendar, Calendar No. 72.
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Reported by the Committee on Agriculture. H. Rept. 113-103, Part II.
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Reported (Amended) by the Committee on Financial Services. H. Rept. 113-103, Part I.
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Ordered to be Reported (Amended) by the Yeas and Nays: 48 - 11.
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Committee Consideration and Mark-up Session Held.
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Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.
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Ordered to be Reported by Voice Vote.
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Committee Consideration and Mark-up Session Held.
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Referred to House Agriculture
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Referred to House Financial Services
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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.
Sponsors
- Scott Garrett · Primary
Sponsorship breakdown
Export CSV (upgrade) →1 sponsors · 0 co-sponsors · 546 not signed on · 352 voted No
Sponsors (1)
- Scott Garrett R Voted No
Co-sponsors (0)
None.
Not signed on (546)
546 members have not signed on to this bill.
Show all 546 →"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.
Votes
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Republican | 5 | 27 | 0 | 0 |
| D | 160 | 2 | 0 | 6 |
| Democrat | 28 | 1 | 0 | 1 |
| Whig | 1 | 1 | 0 | 0 |
| R | 0 | 198 | 0 | 2 |
| Jackson | 0 | 1 | 0 | 0 |
| Federalist | 0 | 0 | 0 | 1 |
| Total | 194 | 230 | 0 | 10 |
| % of votes cast | 45% | 53% | 0% | 2% |
How each member voted (434)
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Republican | 28 | 4 | 0 | 0 |
| D | 59 | 104 | 0 | 5 |
| Democrat | 14 | 15 | 0 | 1 |
| Whig | 2 | 0 | 0 | 0 |
| R | 197 | 1 | 0 | 2 |
| Jackson | 1 | 0 | 0 | 0 |
| Federalist | 0 | 0 | 0 | 1 |
| Total | 301 | 124 | 0 | 9 |
| % of votes cast | 69% | 29% | 0% | 2% |
How each member voted (434)
Subjects
Frequently asked questions
- What does HR 1256 do?
- Swap Jurisdiction Certainty Act - Directs the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to issue jointly rules governing the application of swaps requirements of the Securities Exchange Act of 1934 and the Commodity Exchange Act, relating to cross-border swaps and security-based swaps transactions involving U.S. persons or non-U.S. persons. Requires such rules to be identical (except to the extent necessary to accommodate differences in other underlying statutory requirements), and to address: (1) the nature of the connections to the United States that require a non-U.S. person to register as a swap dealer, major swap participant, security-based swap dealer, or security-based swap participant under each Commission's respective Acts and related regulations; (2) the extent to which U.S. swaps requirements shall apply to the swap and security-based swap activities of non-U.S. persons, U.S. persons, and their branches, agencies, subsidiaries, and affiliates outside the United States; and (3) the circumstances under which a non-U.S. person in compliance with the regulatory requirements of a foreign jurisdiction shall be exempt from U.S. swaps requirements. Directs the Commissions to exempt from U.S. swaps requirements any non-U.S. person in compliance with the swaps regulatory requirements of a country or administrative region having one of the nine largest combined swap and security-based swap markets by notional amount in the calendar year preceding issuance of such rules (unless the Commissions jointly determine that such requirements are not broadly equivalent to U.S. swaps requirements). Requires the Commissions to report to Congress if they determine jointly that the regulatory requirements of such foreign jurisdictions are not broadly equivalent to U.S. swaps requirements.
- Who sponsors HR 1256?
- HR 1256 is sponsored by Scott Garrett (R).
- What is the current status of HR 1256?
- This bill died with 113th Congress. It reached “In Committee” 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 1256?
- Track HR 1256 free on One Click Politics — get push/email alerts when it moves.
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