S.Amdt. 4059

SA 4059. Mr. REID (for Mrs. Lincoln (for herself, Mr. Chambliss, Mr.
Cochran, and Mr. Brown of Ohio)) submitted an amendment intended to be
proposed to amendment SA 3739 proposed by Mr. Reid (for Mr. Dodd (for
himself and Mrs. Lincoln)) to the bill S. 3217, to promote the
financial stability of the United States by improving accountability
and transparency in the financial system, to end ``too big to fail'',
to protect the American taxpayer by ending bailouts, to protect
consumers from abusive financial services practices, and for other
purposes; which was ordered to lie on the table; as follows:

On page 565, between lines 2 and 3, insert the following:
(e) Preservation of Other Regulatory Authority.--Section
2(a)(1)(C) of the Commodity Exchange Act (7 U.S.C.
2(a)(1)(C)) (as amended by section 717(a)) is amended by
adding at the end the following:
``(vi) No provision of this Act shall be construed--

``(I) to supersede or limit the authority of the Federal
Energy Regulatory Commission under the Federal Power Act (16
U.S.C. 791a et seq.) or the Natural Gas Act (15 U.S.C. 717 et
seq.);
``(II) to restrict the Federal Energy Regulatory Commission
from carrying out the duties and responsibilities of the
Federal Energy Regulatory Commission under the Acts described
in subclause (I);
``(III) to affect the authority of the Federal Energy
Regulatory Commission to approve, deny, or otherwise permit
any rate or charge made, demanded, or received by any public
utility or natural gas company for the transportation or sale
of electric energy or natural gas subject to the jurisdiction
of the Federal Energy Regulatory Commission; or
``(IV) to supersede or limit the authority of a State
regulatory commission that has jurisdiction to regulate rates
and charges for the transmission or sale of electric energy
within the State, or restrict that State regulatory
commission from carrying out the duties and responsibilities
of the State regulatory commission pursuant to the
jurisdiction of the State regulatory commission to regulate
rates and charges for the transmission or sale of electric
energy.

``(vii) Nothing in clause (vi) shall affect the
Commission's exclusive jurisdiction under subparagraph (A)
with respect to the trading, execution, or clearing of any
agreement, contract, or transaction on or subject to the
rules of a registered entity, including a designated contract
market, derivatives clearing organization, or swap execution
facility.''.
(f) Public Interest Waiver.--Section 4(c) of the Commodity
Exchange Act (7 U.S.C. 6(c)) (as amended by section 721(d))
is amended by adding at the end the following:
``(6) If the Commission determines that the exemption would
be consistent with the public interest and the purposes of
this Act, the Commission shall, in accordance with paragraphs
(1) and (2), exempt from the requirements of this Act an
agreement, contract, or transaction that is entered into--
``(A) pursuant to a tariff or rate schedule approved or
permitted to take effect by the Federal Energy Regulatory
Commission;
``(B) pursuant to a tariff or rate schedule establishing
rates or charges for, or protocols governing, the sale of
electric energy approved or permitted to take effect by the
regulatory body of the State or municipality having
jurisdiction to regulate rates and charges for the sale of
electric energy within the State or municipality; or
``(C) between entities described in section 201(f) of the
Federal Power Act (16 U.S.C. 824(f)).
``(7)(A) Any person may apply to the Commission for an
exemption from the requirements of this Act with respect to
an agreement, contract, or transaction described in paragraph
(6).
``(B) Not later than 1 business day after the date of
receipt of an application described in subparagraph (A), the
Commission shall notify, and provide a copy of the
application to--
``(i) the Federal Energy Regulatory Commission; and
``(ii) with respect to an application filed with respect to
paragraph (6)(B), the relevant State regulatory body or
municipality.
``(C) The Commission shall provide not less than a 30-day
period for public comment with respect to any application
described in subparagraph (A).
``(D)(i) Not later than the date on which the public
comment period described in subparagraph (C) expires, the
Federal Energy Regulatory Commission (and the relevant State
regulatory body or municipality with respect to an
application filed with respect to paragraph (6)(B)) may
provide to the Commission a recommendation regarding the
application for exemption.
``(ii) The Commission shall give due consideration to any
recommendation described in clause (i).
``(E) Not later than 120 days after the date of receipt of
an application described in subparagraph (A), the Commission
shall, by order--
``(i) grant an exemption in accordance with paragraph (6);
or
``(ii) provide to the applicant a document that contains a
description of each reason relied on by the Commission for
not granting an exemption.''.
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