US Congress House Bill 1256 (Prior Session Legislation)

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Spectrum: Bipartisan Bill
Status: Engrossed on June 13 2013 - 50% progression, died in committee
Action: 2013-06-13 - Received in the Senate and Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
Pending: Senate Agriculture, Nutrition, And Forestry Committee
Text: Latest bill text (Engrossed) [PDF]

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.

Swap Jurisdiction Certainty Act

Rep. Scott Garrett [R-NJ]

Rep. John Carney [D-DE]

Rep. Michael Conaway [R-TX]

Rep. David Scott [D-GA]

2013-06-12 - House - On Passage (Y: 301 N: 124 NV: 9 Abs: 0) [PASS]
2013-06-12 - House - On Motion to Recommit with Instructions (Y: 194 N: 230 NV: 10 Abs: 0) [FAIL]

Date	Chamber	Action
2013-06-13	Senate	Received in the Senate and Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
2013-06-12	House	On passage Passed by recorded vote: 301 - 124 (Roll no. 218). (text: CR H3318)
2013-06-12	House	Motion to reconsider laid on the table Agreed to without objection.
2013-06-12	House	On motion to recommit with instructions Failed by the Yeas and Nays: 194 - 230 (Roll no. 217). (consideration: CR H3332)
2013-06-12	House	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.
2013-06-12	House	Mr. Maloney, Sean moved to recommit with instructions to Financial Services. (consideration: CR H3330-3332; text: CR H3330-3331)
2013-06-12	House	The previous question was ordered pursuant to the rule. (consideration: CR H3330)
2013-06-12	House	DEBATE - The House proceeded with one hour of debate on H.R. 1256.
2013-06-12	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.
2013-06-12	House	Considered under the provisions of rule H. Res. 256. (consideration: CR H3317-3332)
2013-06-12	House	Rule H. Res. 256 passed House.
2013-06-11	House	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.
2013-06-10	House	Placed on the Union Calendar, Calendar No. 72.
2013-06-10	House	Reported by the Committee on Agriculture. H. Rept. 113-103, Part II.
2013-06-10	House	Reported (Amended) by the Committee on Financial Services. H. Rept. 113-103, Part I.
2013-05-07	House	Ordered to be Reported (Amended) by the Yeas and Nays: 48 - 11.
2013-05-07	House	Committee Consideration and Mark-up Session Held.
2013-04-11	House	Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.
2013-03-20	House	Ordered to be Reported by Voice Vote.
2013-03-20	House	Committee Consideration and Mark-up Session Held.
2013-03-19	House	Referred to House Agriculture
2013-03-19	House	Referred to House Financial Services
2013-03-19	House	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.

HR256 (Related) 2013-06-12 - Motion to reconsider laid on the table Agreed to without objection.
SB469 (Related) 2013-06-18 - Committee on Banking, Housing, and Urban Affairs Subcommittee on Housing, Transportation, and Community Development. Hearings held. With printed Hearing: S.Hrg. 113-61.
HB4413 (Related) 2014-06-25 - Received in the Senate and Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.

Type	Source
Summary	https://www.congress.gov/bill/113th-congress/house-bill/1256/all-info
Text	https://www.congress.gov/113/bills/hr1256/BILLS-113hr1256ih.pdf
Text	https://www.congress.gov/113/bills/hr1256/BILLS-113hr1256rh.pdf
Text	https://www.congress.gov/113/bills/hr1256/BILLS-113hr1256eh.pdf
Roll Call	https://clerk.house.gov/Votes/2013217
Roll Call	https://clerk.house.gov/Votes/2013218