US Congress House Bill 3283 (Prior Session Legislation)

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Spectrum: Slight Partisan Bill (Democrat 10-6)
Status: Introduced on October 31 2011 - 25% progression, died in chamber
Action: 2012-12-14 - Placed on the Union Calendar, Calendar No. 512.
Text: Latest bill text (Introduced) [PDF]

Swap Jurisdiction Certainty Act - (Sec. 2) Amends the Commodity Exchange Act regarding extra-territorial swap transactions between: (1) a registered swap dealer who is either a U.S. person or a person whose parent company is a U.S. person; and (2) a person who is a U.S. or non-U.S. subsidiary, branch, or affiliate of such swap dealer, or any other non-U.S. person not registered as a swap dealer. Exempts swaps from regulation under the Wall Street Transparency and Accountability Act of 2010 (WSTAA) (title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act) as long as the swap dealer: (1) is either a U.S. person or a person whose parent company is a U.S. person, and (2) reports such swap to a swap data repository registered with the Commodity Futures Trading Commission (CFTC). Subjects to WSTAA requirements any non-U.S. person that is a registered swaps dealer but only for swaps entered into with a U.S. person who is not a U.S. subsidiary, branch, or affiliate of that non-U.S. person. Requires the CFTC to permit non-U.S. persons that are registered swaps dealers to comply with WSTAA capital requirements by complying with comparable requirements established by the appropriate governmental authorities in their respective home countries, so long as those home countries are signatories to the Basel Accords. Subjects each registered swap dealer to any rules or regulations as the CFTC may prescribe or promulgate as are necessary or appropriate to prevent the evasion of any provision of the Commodity Exchange Act enacted by WSTAA. (Sec. 3) Amends the Securities Exchange Act of 1934 regarding extra-territorial securities-based swap transactions between: (1) a registered securities-based swap dealer who is either a U.S. person or a person whose parent company is a U.S. person; and (2) a person who is a U.S. or non-U.S. subsidiary, branch, or affiliate of such securities-based swap dealer. Exempts security-based swaps from regulation under WSTAA as long as the securities-based swap dealer: (1) is either a U.S. person or a person whose parent company is a U.S. person, and (2) reports such security-based swap to a securities-based swap data repository registered with a security-based swap data repository registered with the Securities and Exchange Commission (SEC). Subjects to WSTAA requirements any non-U.S. person that is a registered security-based swaps dealer but only for security-based swaps entered into with a U.S. person who is not a U.S. subsidiary, branch, or affiliate of that non-U.S. person. Requires the SEC to permit non-U.S. persons that are registered security-based swaps dealers to comply with WSTAA capital requirements by complying with comparable requirements established by the appropriate governmental authorities in their respective home countries, so long as those home countries are signatories to the Basel Accords. Prohibits registered security-based swap dealers from conducting any activities designed to evade any provision of the Securities Exchange Act of 1934 enacted by WSTAA. Declares that nothing in this section shall: (1) exempt a transaction from specified restrictions on member bank transactions with affiliates under the Federal Reserve Act or implementing regulations; or (2) affect the authorities of the prudential regulators over certain kinds of swap dealers, major swap participants, security-based swap dealers, or major security-based swap participants under the Commodity Excgange Act as such authorites are established in law other than under WSTAA

Swap Jurisdiction Certainty Act

Rep. James Himes [D-CT]	Rep. Joe Baca [D-CA]	Rep. John Carney [D-DE]	Rep. Lacy Clay [D-MO]
Rep. Robert Dold [R-IL]	Rep. Scott Garrett [R-NJ]	Rep. Nan Hayworth [R-NY]	Rep. Ruben Hinojosa [D-TX]
Rep. Jack Kingston [R-GA]	Rep. Carolyn McCarthy [D-NY]	Rep. Gregory Meeks [D-NY]	Rep. Gwen Moore [D-WI]
Rep. Edward Royce [R-CA]	Rep. David Schweikert [R-AZ]	Rep. David Scott [D-GA]	Rep. Terri Sewell [D-AL]

Date	Chamber	Action
2012-12-14	House	Placed on the Union Calendar, Calendar No. 512.
2012-12-14	House	Committee on Agriculture discharged.
2012-11-30	House	House Committee on Agriculture Granted an extension for further consideration ending not later than Dec. 14, 2012.
2012-09-21	House	House Committee on Agriculture Granted an extension for further consideration ending not later than Nov. 30, 2012.
2012-07-16	House	House Committee on Agriculture Granted an extension for further consideration ending not later than Sept. 21, 2012.
2012-05-30	House	House Committee on Agriculture Granted an extension for further consideration ending not later than July 16, 2012.
2012-05-11	House	House Committee on Agriculture Granted an extension for further consideration ending not later than May 30, 2012.
2012-05-11	House	Reported (Amended) by the Committee on Financial Services. H. Rept. 112-477, Part I.
2012-03-27	House	Ordered to be Reported (Amended) by the Yeas and Nays: 41 - 18.
2012-03-27	House	Committee Consideration and Mark-up Session Held.
2012-02-08	House	Subcommittee Hearings Held.
2012-01-12	House	Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises.
2011-11-08	House	Referred to the Subcommittee on General Farm Commodities and Risk Management.
2011-10-31	House	Referred to House Agriculture
2011-10-31	House	Referred to House Financial Services
2011-10-31	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.

Type	Source
Summary	https://www.congress.gov/bill/112th-congress/house-bill/3283/all-info
Text	https://www.congress.gov/112/bills/hr3283/BILLS-112hr3283ih.pdf
Text	https://www.congress.gov/112/bills/hr3283/BILLS-112hr3283rh.pdf