Business Risk Mitigation and Price Stabilization Act of 2012
Latest action · Mar 28, 2012 Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 342.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJul 28, 2011
- Passed HouseMar 26, 2012
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Business Risk Mitigation and Price Stabilization Act of 2012 - (Sec. 2) Amends the Commodity Exchange Act (CEA) to exempt, from the rules of prudential regulators for swap dealers and major swap participants with respect to initial and variation margin requirements for swaps not cleared by a registered derivatives clearing organization, those swaps in which one of the counterparties: (1) is eligible for an exception from clearing requirements for certain significant price discovery agreements, contracts, or transactions in a commodity exempt from regulation by the Commodity Futures Trading Commission (CFTC); or (2) satisfies specified criteria governing treatment of affiliates in connection with clearing requirements.
Amends the Securities Exchange Act of 1934, regarding registration and regulation of security-based swap dealers and major security-based swap participants, to exempt from initial and variation margin requirements for swaps not cleared by a registered derivatives clearing organization a security-based swap in which one of the counterparties: (1) qualifies for a specified exception from clearing requirements, or (2) satisfies certain criteria governing the treatment of affiliates.
(Sec. 3) Requires that the amendments to CEA made by this Act be implemented: (1) without regard to federal information policy requirements or the notice and comment requirements of federal administrative procedure; and (2) through promulgation of an interim final rule, pursuant to which public comment will be sought before a final rule is issued.
Limits the disregard of such federal information policy and notice and comment requirements solely to changes to rules and regulations, or proposed rule and regulations, that are limited to, and directly a consequence of, the amendments to CEA made by this Act.
Recorded votes 1
Newest first. Open one to see how every member voted.
| Roll call | Question | Result | Date |
|---|---|---|---|
| House 128 | On Motion to Suspend the Rules and Pass, as Amended | Passed370–24 | Mar 26, 2012 |
Cosponsors 7
Members who signed on, in the order they did. Signatures ran from Jul 28, 2011 to Feb 7, 2012; 3 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-GA | Austin Scott | Original | Jul 28, 2011 |
| D-MI | Gary C. Peters | Original | Jul 28, 2011 |
| D-NY | William L. Owens | Original | Jul 28, 2011 |
| R-IL | Robert J. Dold | Nov 30, 2011 | |
| D-WI | Gwen Moore | Jan 18, 2012 | |
| R-GA | Jack Kingston | Jan 31, 2012 | |
| D-NC | Mike McIntyre | Feb 7, 2012 |
Committees 2
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Jul 28, 2011Markup Nov 30, 2011Reported Dec 23, 2011 |
| Capital Markets Subcommittee | Referred Aug 22, 2011 | |
| House | Agriculture Committee | Referred Jul 28, 2011Markup Jan 25, 2012Reported Feb 8, 2012 |
| General Farm Commodities, Risk Management, and Credit Subcommittee | Referred Aug 10, 2011Discharged Jan 25, 2012 |
Actions 23
Everything that happened, newest first.
- Mar 28, 2012Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 342.
- Mar 27, 2012Received in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
- Mar 26, 2012Mr. Garrett moved to suspend the rules and pass the bill, as amended.
- Mar 26, 2012Considered under suspension of the rules. (consideration: CR H1551-1553)
- Mar 26, 2012DEBATE - The House proceeded with forty minutes of debate on H.R. 2682.
- Mar 26, 2012At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
- Mar 26, 2012Considered as unfinished business. (consideration: CR H1557-1558)
- Mar 26, 2012Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 370 - 24 (Roll no. 128). (text: CR H1551)
- Mar 26, 2012Motion to reconsider laid on the table Agreed to without objection.
- Feb 8, 2012Reported (Amended) by the Committee on Agriculture. H. Rept. 112-343, Part II.
- Feb 8, 2012Placed on the Union Calendar, Calendar No. 267.
- Feb 1, 2012House Committee on Agriculture Granted an extension for further consideration ending not later than Feb. 8, 2012.
- Jan 25, 2012Subcommittee on General Farm Commodities and Risk Management Discharged.
- Jan 25, 2012Committee Consideration and Mark-up Session Held.
- Jan 25, 2012Ordered to be Reported (Amended) by Voice Vote.
- Dec 23, 2011Reported by the Committee on Financial Services. H. Rept. 112-343, Part I.
- Dec 23, 2011House Committee on Agriculture Granted an extension for further consideration ending not later than Feb. 1, 2012.
- Nov 30, 2011Committee Consideration and Mark-up Session Held.
- Nov 30, 2011Ordered to be Reported by Voice Vote.
- Aug 22, 2011Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises.
- Aug 10, 2011Referred to the Subcommittee on General Farm Commodities and Risk Management.
- Jul 28, 2011Introduced in House
- Jul 28, 2011Referred 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.
In the Congressional Record 3
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| Senate · Extensions | Debate and remarks E479, S2115 | Harry Reid D-NV, Mazie K. Hirono D-HI | Mar 28, 2012 |
| Senate | Debate and remarks S2113 | Mary L. Landrieu D-LA | Mar 27, 2012 |
| House | Debate and remarks H1551–H1553Text printed H1551Recorded votes H1557enact | Al Green D-TX, Austin Scott R-GA, K. Michael Conaway R-TX, Michael G. Grimm R-NY, Scott Garrett R-NJ, William L. Owens D-NY | Mar 26, 2012 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Committee reports
Congressional Budget Office cost estimates 2
- Feb 19, 2012H.R. 2682, Business Risk Mitigation and Price Stabilization Act of 2012Cost estimate for the bill as ordered reported by the House Committee on Agriculture on January 25, 2012
- Dec 22, 2011H.R. 2682, Business Risk Mitigation and Price Stabilization Act of 2011Cost estimate for the bill as sordered reported by the House Committee on Financial Services on November 30, 2011
Constitutional authority
The sponsor’s statement, as printed in the page H5733.
Printed hearings 6
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| Serial No. 112-163 | CHALLENGES FACING THE U.S. CAPITAL MARKETS TO EFFECTIVELY IMPLEMENT TITLE VII OF THE DODD-FRANK ACT183 pages | Financial Services Committee | Dec 12, 2012 |
| Serial No. 112-146 | WHO'S IN YOUR WALLET? DODD-FRANK'S IMPACT ON FAMILIES, COMMUNITIES, AND SMALL BUSINESSES149 pages | Financial Services Committee | Jul 19, 2012 |
| Serial No. 112-143 | THE IMPACT OF DODD-FRANK ON CUSTOMERS, CREDIT, AND JOB CREATORS204 pages | Financial Services Committee | Jul 10, 2012 |
| Serial No. 112-119 | OVERSIGHT OF THE U.S. SECURITIES AND EXCHANGE COMMISSION85 pages | Financial Services Committee | Apr 25, 2012 |
| Serial No. 112-29 | THE COMMODITY FUTURES TRADING COMMISSION 2012 AGENDA87 pages | Agriculture Committee | Feb 29, 2012 |
CRS reports 1
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 1
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| R42129 | Derivatives Legislation in the 112th Congress Archived | Report | Dec 27, 2011 |
Related bills 3
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 1610 | Business Risk Mitigation and Price Stabilization Act of 2011 | Related bill | May 11, 2011 |
| S 1650 | Dodd-Frank Improvement Act of 2011 | Related bill | Oct 4, 2011 |
| S 3480 | A bill to provide end user exemptions from certain provisions of the Commodity Exchange Act and the Securities Exchange Act of 1934. | Related bill | Aug 1, 2012 |
Titles 4
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To provide end user exemptions from certain provisions of the Commodity Exchange Act and the Securities Exchange Act of 1934, and for other purposes.
- Short Titles as Introduced
- Business Risk Mitigation and Price Stabilization Act of 2011
- Short Titles as Reported to House
- Business Risk Mitigation and Price Stabilization Act of 2011
- Short Titles as Passed House
- Business Risk Mitigation and Price Stabilization Act of 2012
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 4
Each version as it was printed, newest first.
- Mar 28, 2012Placed on Calendar Senate
- Mar 26, 2012Engrossed in House
- Feb 8, 2012Reported in House
- Jul 28, 2011Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
