To provide for the orderly implementation of the provisions of title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and for other purposes.

SA 814. Mr. CRAPO (for himself, Mr. Johanns, Mr. Shelby, Mr. Toomey,
Mr. Moran, and Mr. Vitter) submitted an amendment intended to be
proposed to amendment SA 738 proposed by Mr. Inouye to the bill H.R.
2112, making appropriations for Agriculture, Rural Development, Food
and Drug Administration, and Related Agencies programs for the fiscal
year ending September 30, 2012, and for other purposes; which was
ordered to lie on the table; as follows:

On page 83, between lines 20 and 21, insert the following:
Sec. __.  None of the funds made available by this Act may
be used by the Commodity Futures Trading Commission--
(1) to promulgate any final rules under the Dodd-Frank Wall
Street Reform and Consumer Protection Act (Public Law 111-
203; 124 Stat. 1376) (including under any law amended by that
Act) or the Commodity Exchange Act (7 U.S.C. 1 et seq.),
until the Commodity Futures Trading Commission, jointly with
the Securities and Exchange Commission and the prudential
regulators (as defined in section 1a of the Commodity
Exchange Act (7 U.S.C. 1a))--
(A) has, pursuant to the notice and comment provisions of
section 553 of title 5, United States Code, adopted an
implementation schedule for title VII of the Dodd-Frank Wall
Street Reform and Consumer Protection Act (15 U.S.C. 8301 et
seq.) (including amendments made by that title) (referred to
this section as ``the title'') that sets forth a schedule for
the publication of final rules required by the title that--
(i) begins with the publication of the rules required under
section 712(d)(1) of that Act (15 U.S.C. 8302); and
(ii) includes provisions that require a rulemaking and
provisions that do not require a rulemaking; and
(B) has completed and submitted to Congress an analysis
that includes--
(i) a quantitative analysis of the effects of the title on
United States economic growth and job creation;
(ii) an assessment of the implications of the title for
cross-border activity by, and international competitiveness
of, United States financial institutions, companies, and
investors;
(iii) an assessment of whether and how the definitional,
clearing, trading, reporting, recordkeeping, real-time
reporting, registration, capital, margin, business conduct,
position limits, and other requirements of the title work
together, and how those requirements affect market depth and
liquidity;
(iv) an assessment of the implications of any lack of
harmonization by the Securities and Exchange Commission, the
Commodity Futures Trading Commission, and the prudential
regulators with respect to the timing and the substance of
the rules of those entities; and
(v) an analysis of the progress of members of the Group of
20 and other countries toward implementing derivatives
regulatory reform, including material differences in the
schedule for implementation (as well as material differences
in definitions, clearing, trading, reporting, registration,
capital, margin, business conduct, and position limits) and
the possible and likely effects on United States
competitiveness, market liquidity, and financial stability;
or
(2) to further define the terms--
(A) ``swap'' and ``security-based swap'' to include--
(i) for purposes of section 4s(e) of the Commodity Exchange
Act (7 U.S.C. 6s(e)) and section 15F(e) of the Securities
Exchange Act of 1934 (15 U.S.C. 78o-10(e)), an agreement,
contract, or transaction that would otherwise be a swap or
security-based swap, in which 1 of the counterparties is
not--

(I) a swap dealer or major swap participant;
(II) an investment fund that--

(aa) has issued securities (other than debt securities) to
more than 5 unaffiliated persons;
(bb) would be an investment company (as defined in section
3 of the Investment Company Act of 1940 (15 U.S.C. 80a-3))
but for paragraph (1) or (7) of subsection (c) of that
section; and
(cc) is not primarily invested in physical assets
(including commercial real estate) directly or through an
interest in an affiliate that owns the physical assets;

(III) a regulated entity, as defined in section 1303 of the
Federal Housing Enterprises Financial Safety and Soundness
Act of 1992 (12 U.S.C. 4502); or
(IV) a commodity pool that is predominantly invested in any
combination of commodities, commodity swaps, commodity
options, or commodity futures;

(ii) an agreement, contract, or transaction that would
otherwise be a swap or security-based swap, and that is
entered into by a party that is controlling, controlled by,
or under common control with its counterparty; or
(iii) except with respect to any law (including rules and
regulations) prohibiting fraud or manipulation, an agreement,
contract, or transaction that would otherwise be a swap or
security-based swap and--

(I) is entered into outside of the United States between
counterparties established under the laws of any jurisdiction
outside of the United States (including a non-United States
branch of a United States entity licensed and recognized
under local law outside of the United States);
(II) has a valid business purpose;
(III) is not structured with the sole purpose of evading
the requirements of the title; and
(IV) is not reasonably expected to have a serious adverse
effect on the stability of the United States financial
system; and

(B) ``major swap participant'' and ``major security-based
swap participant'' in a manner that does not distinguish
between--
(i) net and gross exposures; and
(ii) collateralized and uncollateralized positions.
______