Protecting Main Street End-Users From Excessive Regulation
Latest action · Feb 8, 2012 Placed on the Union Calendar, Calendar No. 270.
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.
- IntroducedNov 30, 2011
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Protecting Main Street End-Users From Excessive Regulation - (Sec. 2) Amends the Commodity Exchange Act to revise the current exception to the definition of "swap dealer" to state that, in determining whether a person is a "swap dealer," no consideration shall be given to any transaction entered into for the person's own account for the purpose of hedging or mitigating commercial risk.
Directs the Commodity Futures Trading Commission (CFTC) to adopt standards distinguishing: (1) the activities of a swap dealer specified in current law, and (2) entering into swaps for a person's own account in order to achieve its own trading objectives as determined by the CFTC.
Directs the CFTC to exempt from designation as a swap dealer an entity that enters into swap dealing transactions with or on behalf of its customers if the aggregate gross notional amount of the outstanding swap dealing transactions entered into over the course of the preceding calendar year does not exceed $3 billion (or a greater amount, as market conditions warrant), adjusted for inflation.
(Sec. 3) States that this Act shall be implemented: (1) without regard to federal law regarding coordination of federal information policy or rulemaking requirements concerning notice and comment, and (2) through promulgation of an interim final rule.
Cosponsors 12
Members who signed on, in the order they did. Signatures ran from Nov 30, 2011 to Jan 23, 2012; 8 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-IL | Aaron Schock | Original | Nov 30, 2011 |
| R-IL | Adam Kinzinger | Original | Nov 30, 2011 |
| D-OK | Dan Boren | Original | Nov 30, 2011 |
| R-IL | Donald A. Manzullo | Original | Nov 30, 2011 |
| R-IL | Judy Biggert | Original | Nov 30, 2011 |
| R-NJ | Leonard Lance | Original | Nov 30, 2011 |
| R-IL | Robert J. Dold | Original | Nov 30, 2011 |
| R-IL | Timothy V. Johnson | Original | Nov 30, 2011 |
| D-GA | John Barrow | Dec 13, 2011 | |
| R-NY | Peter T. King | Jan 13, 2012 | |
| D-UT | Jim Matheson | Jan 18, 2012 | |
| D-AR | Mike Ross | Jan 23, 2012 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Agriculture Committee | Referred Nov 30, 2011Markup Jan 25, 2012Reported Feb 8, 2012 |
Actions 6
Everything that happened, newest first.
- Feb 8, 2012Reported (Amended) by the Committee on Agriculture. H. Rept. 112-391.
- Feb 8, 2012Placed on the Union Calendar, Calendar No. 270.
- Jan 25, 2012Committee Consideration and Mark-up Session Held.
- Jan 25, 2012Ordered to be Reported (Amended) by Voice Vote.
- Nov 30, 2011Introduced in House
- Nov 30, 2011Referred to the House Committee on Agriculture.
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 report
Congressional Budget Office cost estimate
- Feb 7, 2012H.R. 3527, Protecting Main Street End-Users from Excessive RegulationCost estimate for the bill as ordered reported by the House Committee on Agriculture on January 25, 2012
Constitutional authority
The sponsor’s statement, as printed in the page H7999.
Printed hearings 1
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. 112-29 | THE COMMODITY FUTURES TRADING COMMISSION 2012 AGENDA87 pages | Agriculture Committee | Feb 29, 2012 |
Titles 3
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Commodity Exchange Act to clarify the definition of swap dealer.
- Short Titles as Introduced
- Protecting Main Street End-Users From Excessive Regulation
- Short Titles as Reported to House
- Protecting Main Street End-Users From Excessive Regulation
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 2
Each version as it was printed, newest first.
- Feb 8, 2012Reported in House
- Nov 30, 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.
