Inter-Affiliate Swap Clarification Act
Latest action · May 7, 2013 Ordered to be Reported (Amended) by the Yeas and Nays: 50 - 10.
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.
- IntroducedFeb 13, 2013
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Inter-Affiliate Swap Clarification Act - Amends the Commodity Exchange Act and the Securities Exchange Act of 1934, as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act, to exempt from certain regulatory requirements any swaps and security-based swaps entered into by parties neither of which is a swap dealer or a major swap participant: (1) that is also an insured depository institution, (2) that reports information or prepares financial statements on a consolidated basis, or (3) for which a company affiliated with both parties reports information or prepares financial statements on a consolidated basis.
Requires that such exempted agreements, contracts, or transactions be reported to an appropriate data repository, or, if there is no such repository that would accept them, to: (1) the Commodity Futures Trading Commission (CFTC) in the case of exempted swaps, or (2) the Securities and Exchange Commission (SEC) in the case of exempted security-based swaps.
Cosponsors 11
Members who signed on, in the order they did. Signatures ran from Feb 13, 2013 to Apr 3, 2014; 4 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-NY | Christopher P. Gibson | Original | Feb 13, 2013 |
| R-AZ | David Schweikert | Original | Feb 13, 2013 |
| D-WI | Gwen Moore | Original | Feb 13, 2013 |
| D-OH | Marcia L. Fudge | Original | Feb 13, 2013 |
| R-AR | Eric A. "Rick" Crawford | Mar 4, 2013 | |
| D-OH | Joyce Beatty | Mar 6, 2013 | |
| R-TX | K. Michael Conaway | Mar 12, 2013 | |
| R-OH | Bob Gibbs | Mar 14, 2013 | |
| D-GA | David Scott | Mar 14, 2013 | |
| D-CA | Juan Vargas | Mar 14, 2013 | |
| R-IL | Rodney Davis | Apr 3, 2014 |
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 Feb 13, 2013Markup May 7, 2013 |
| Capital Markets Subcommittee | Hearings Apr 11, 2013 | |
| House | Agriculture Committee | Referred Feb 13, 2013Hearings Mar 14, 2013Markup Mar 20, 2013 |
| General Farm Commodities, Risk Management, and Credit Subcommittee | Referred Mar 1, 2013 |
Actions 9
Everything that happened, newest first.
- May 7, 2013Committee Consideration and Mark-up Session Held.
- May 7, 2013Ordered to be Reported (Amended) by the Yeas and Nays: 50 - 10.
- Apr 11, 2013Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.
- Mar 20, 2013Committee Consideration and Mark-up Session Held.
- Mar 20, 2013Ordered to be Reported (Amended) by Voice Vote.
- Mar 14, 2013Committee Hearings Held.
- Mar 1, 2013Referred to the Subcommittee on General Farm Commodities and Risk Management.
- Feb 13, 2013Introduced in House
- Feb 13, 2013Referred 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.
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.
Congressional Budget Office cost estimates 2
- May 30, 2013H.R. 677, Inter-Affiliate Swap Clarification ActAs ordered reported by the House Committee on Financial Services on May 7, 2013
- Apr 11, 2013H.R. 677, Inter-Affiliate Swap Clarification ActAs ordered reported by the House Committee on Agriculture on March 20, 2013
Constitutional authority
The sponsor’s statement, as printed in the page H504.
Printed hearings 5
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. 113-14 | LEGISLATIVE HEARING ON H.R. 675, H.R. 677, H.R. 732, H.R. 800, H.R. 1067, H.R. 1331, H.R. 1379, H.R. 1414, H.R. 1569, AND H.R. 1607130 pages | Veterans' Affairs Committee | Apr 14, 2015 |
| Serial No. 113-94 | ASSESSING THE IMPACT OF THE DODD-FRANK ACT FOUR YEARS LATER169 pages | Financial Services Committee | Jul 23, 2014 |
| Serial No. 113-7 | THE FUTURE OF THE CFTC: END-USER PERSPECTIVES105 pages | Agriculture Committee | Jul 24, 2013 |
| Serial No. 113-12 | LEGISLATIVE PROPOSALS REGARDING DERIVATIVES AND SEC ECONOMIC ANALYSIS80 pages | Financial Services Committee | Apr 11, 2013 |
| Serial No. 113-3 | EXAMINING LEGISLATIVE IMPROVEMENTS TO TITLE VII OF THE DODD-FRANK ACT131 pages | Agriculture Committee | Mar 14, 2013 |
CRS reports 2
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 2
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| IF10057 | H.R. 37 Derivatives Provision May Create Broader Exemption Archived | Resource | Mar 27, 2015 |
| R43117 | The Commodity Futures Trading Commission: Background and Current Issues Archived | Report | Jun 24, 2013 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To exempt inter-affiliate swaps from certain regulatory requirements put in place by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
- Short Titles as Introduced
- Inter-Affiliate Swap Clarification Act
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 1
Each version as it was printed, newest first.
- Feb 13, 2013Introduced 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.
