United States 114th Congress Status: Died 1 D cosponsors

HR 1317 — To amend the Commodity Exchange Act and the Securities Exchange Act of 1934 to specify how clearing requirements apply to certain affiliate transactions, and for other purposes.

Last action — Received in the Senate and Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. Died in session

This bill died with 114th 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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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

To amend the Commodity Exchange Act and the Securities Exchange Act of 1934 to specify how clearing requirements apply to certain affiliate transactions, and for other purposes. (Sec. 1) This bill amends the Commodity Exchange Act and the Securities Exchange Act of 1934 regarding clearing requirements for certain affiliate swap transactions to revise the conditions under which an affiliate of a person that qualifies for an exception from clearing requirements may itself qualify for such exceptions. The affiliate must be: directly and wholly-owned by another affiliate qualified for the exception or an entity that is not a financial entity; not indirectly majority-owned by a financial entity; not ultimately owned by a parent company that is a financial entity; and an affiliate that does not provide any services, financial or otherwise, to any affiliate that is a nonbank financial company supervised by the Board of Governors of the Federal Reserve System. The bill disqualifies for the exceptions, however, any affiliate that is: a swap dealer, a security-based swap dealer, a major swap participant, a major security-based swap participant, or a commodity pool (all disqualified under current law); a bank holding company (not, as under current law, only a bank holding company with over $50 billion in consolidated assets); a specified kind of private fund; an employee benefit plan or government plan under the Employee Retirement Income Security Act of 1974 (ERISA); an insured depository institution; a farm credit system institution; a credit union; a nonbank financial company supervised by the Federal Reserve Board; or an entity engaged in the business of insurance and subject to state or foreign government capital requirements. Unless the Commodity Futures Trading Commission or the Securities and Exchange Commission determines it is in the public interest, however, the exception from clearing requirements shall not apply to an affiliate that is itself affiliated with: (1) a major security-based swap participant; (2) a security-based swap dealer; (3) a major swap participant; or (4) a swap dealer. An affiliate that does qualify for the exception from clearing requirements may not enter into any swap other than to hedge or mitigate commercial risk. The bill also prohibits the affiliate, and any person affiliated with the affiliate that is not a financial entity, from: entering into a swap with or on behalf of any affiliate that is a financial entity; or otherwise assuming, netting, combining, or consolidating the risk of swaps entered into by any such financial entity, except an affiliate that qualifies for the exception from clearing requirements. Any swap entered into by an affiliate that qualifies for the exception from clearing requirements shall be subject to the affiliate's centralized risk management program, provided it is designed both to: (1) monitor and manage swap associated risks, and (2) identify each affiliate upon whose behalf a swap was entered into.

Bill Text

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Read HR 1317 on the official United States source →

Action History

  1. Received in the Senate and Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.

  2. Motion to reconsider laid on the table Agreed to without objection.

  3. On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H8219-8220)

  4. DEBATE - The House proceeded with forty minutes of debate on H.R. 1317.

  5. Considered under suspension of the rules. (consideration: CR H8219-8221)

  6. Mr. Hensarling moved to suspend the rules and pass the bill, as amended.

  7. Placed on the Union Calendar, Calendar No. 259.

  8. Reported (Amended) by the Committee on Financial Services. H. Rept. 114-311, Part II.

  9. Reported (Amended) by the Committee on Agriculture. H. Rept. 114-311, Part I.

  10. Ordered to be Reported (Amended).

  11. Committee Consideration and Mark-up Session Held.

  12. Ordered to be Reported (Amended) by the Yeas and Nays: 57 - 0.

  13. Committee Consideration and Mark-up Session Held.

  14. Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.

  15. Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.

  16. Referred to House Agriculture

  17. Referred to House Financial Services

  18. 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.

  19. Introduced in House

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.

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Subjects

finance
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Frequently asked questions

What does HR 1317 do?
To amend the Commodity Exchange Act and the Securities Exchange Act of 1934 to specify how clearing requirements apply to certain affiliate transactions, and for other purposes. (Sec. 1) This bill amends the Commodity Exchange Act and the Securities Exchange Act of 1934 regarding clearing requirements for certain affiliate swap transactions to revise the conditions under which an affiliate of a person that qualifies for an exception from clearing requirements may itself qualify for such exceptions. The affiliate must be: directly and wholly-owned by another affiliate qualified for the exception or an entity that is not a financial entity; not indirectly majority-owned by a financial entity; not ultimately owned by a parent company that is a financial entity; and an affiliate that does not provide any services, financial or otherwise, to any affiliate that is a nonbank financial company supervised by the Board of Governors of the Federal Reserve System. The bill disqualifies for the exceptions, however, any affiliate that is: a swap dealer, a security-based swap dealer, a major swap participant, a major security-based swap participant, or a commodity pool (all disqualified under current law); a bank holding company (not, as under current law, only a bank holding company with over $50 billion in consolidated assets); a specified kind of private fund; an employee benefit plan or government plan under the Employee Retirement Income Security Act of 1974 (ERISA); an insured depository institution; a farm credit system institution; a credit union; a nonbank financial company supervised by the Federal Reserve Board; or an entity engaged in the business of insurance and subject to state or foreign government capital requirements. Unless the Commodity Futures Trading Commission or the Securities and Exchange Commission determines it is in the public interest, however, the exception from clearing requirements shall not apply to an affiliate that is itself affiliated with: (1) a major security-based swap participant; (2) a security-based swap dealer; (3) a major swap participant; or (4) a swap dealer. An affiliate that does qualify for the exception from clearing requirements may not enter into any swap other than to hedge or mitigate commercial risk. The bill also prohibits the affiliate, and any person affiliated with the affiliate that is not a financial entity, from: entering into a swap with or on behalf of any affiliate that is a financial entity; or otherwise assuming, netting, combining, or consolidating the risk of swaps entered into by any such financial entity, except an affiliate that qualifies for the exception from clearing requirements. Any swap entered into by an affiliate that qualifies for the exception from clearing requirements shall be subject to the affiliate's centralized risk management program, provided it is designed both to: (1) monitor and manage swap associated risks, and (2) identify each affiliate upon whose behalf a swap was entered into.
Who sponsors HR 1317?
HR 1317 is sponsored by Gwen Moore (D).
What is the current status of HR 1317?
This bill died with 114th 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 1317?
Track HR 1317 free on One Click Politics — get push/email alerts when it moves.

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