S.Amdt. 3679
What it does: Adds TITLE II--BUSINESS RISK MITIGATION AND PRICE STABILIZATION at the end of the bill
Sen. Mike Johanns (R-NE)What it changes
1 change to S. 2569 · shown in the bill's text
Adds TITLE II--BUSINESS RISK MITIGATION AND PRICE STABILIZATION at the end of the bill
Adds a titleIn S. 2569 · Placed on Calendar Senate
(d) Effective Date.--The amendments made by this section shall apply to amounts paid or incurred after the date of the enactment of this Act.
Inserted: TITLE II--BUSINESS RISK MITIGATION AND PRICE STABILIZATION
Inserted: SEC. 201. SHORT TITLE.
Inserted: This title may be cited as the "Business Risk Mitigation and Price Stabilization Act of 2013".
Inserted: SEC. 202. MARGIN REQUIREMENTS.
Inserted: (a) Commodity Exchange Act Amendment.--Section 4s(e) of the Commodity Exchange Act (7 U.S.C. 6s(e)), as added by section 731 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, is amended by adding at the end the following new paragraph:
Inserted: "(4) Applicability with respect to counterparties.--The requirements of paragraphs (2)(A)(ii) and (2)(B)(ii), including the initial and variation margin requirements imposed by rules adopted pursuant to paragraphs (2)(A)(ii) and (2)(B)(ii), shall not apply to a swap in which a counterparty qualifies for an exception under section 2(h)(7)(A), or an exemption issued under section 4(c)(1) from the requirements of section 2(h)(1)(A) for cooperative entities as defined in such exemption, or satisfies the criteria in section 2(h)(7)(D).".
Inserted: (b) Securities Exchange Act Amendment.--Section 15F(e) of the Securities Exchange Act of 1934 (15 U.S.C. 78o-10(e)), as added by section 764(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, is amended by adding at the end the following new paragraph:
Inserted: "(4) Applicability with respect to counterparties.--The requirements of paragraphs (2)(A)(ii) and (2)(B)(ii) shall not apply to a security-based swap in which a counterparty qualifies for an exception under section 3C(g)(1) or satisfies the criteria in section 3C(g)(4).".
Inserted: SEC. 203. IMPLEMENTATION.
Inserted: The amendments made by this title to the Commodity Exchange Act shall be implemented--
Inserted: (1) without regard to--
Inserted: (A) chapter 35 of title 44, United States Code; and
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Inserted: (B) the notice and comment provisions of section 553 of title 5, United States Code; (2) through the promulgation of an interim final rule, pursuant to which public comment will be sought before a final rule is issued; and
Inserted: (3) such that paragraph (1) shall apply solely to changes to rules and regulations, or proposed rules and regulations, that are limited to and directly a consequence of such amendments.
Original wording
At the end of the bill, add the following:
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As printed
SA 3679. Mr. JOHANNS (for himself and Mr. Tester) submitted an amendment intended to be proposed by him to the bill S. 2569, to provide an incentive for businesses to bring jobs back to America; which was ordered to lie on the table; as follows:
At the end of the bill, add the following:
TITLE II--BUSINESS RISK MITIGATION AND PRICE STABILIZATION
SEC. 201. SHORT TITLE.
This title may be cited as the “Business Risk Mitigation and Price Stabilization Act of 2013”.
SEC. 202. MARGIN REQUIREMENTS.
(a) Commodity Exchange Act Amendment.--Section 4s(e) of the Commodity Exchange Act (7 U.S.C. 6s(e)), as added by section 731 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, is amended by adding at the end the following new paragraph:
“(4) Applicability with respect to counterparties.--The requirements of paragraphs (2)(A)(ii) and (2)(B)(ii), including the initial and variation margin requirements imposed by rules adopted pursuant to paragraphs (2)(A)(ii) and (2)(B)(ii), shall not apply to a swap in which a counterparty qualifies for an exception under section 2(h)(7)(A), or an exemption issued under section 4(c)(1) from the requirements of section 2(h)(1)(A) for cooperative entities as defined in such exemption, or satisfies the criteria in section 2(h)(7)(D).”.
(b) Securities Exchange Act Amendment.--Section 15F(e) of the Securities Exchange Act of 1934 (15 U.S.C. 78o-10(e)), as added by section 764(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, is amended by adding at the end the following new paragraph:
“(4) Applicability with respect to counterparties.--The requirements of paragraphs (2)(A)(ii) and (2)(B)(ii) shall not apply to a security-based swap in which a counterparty qualifies for an exception under section 3C(g)(1) or satisfies the criteria in section 3C(g)(4).”.
SEC. 203. IMPLEMENTATION.
The amendments made by this title to the Commodity Exchange Act shall be implemented--
(1) without regard to--
(A) chapter 35 of title 44, United States Code; and
(B) the notice and comment provisions of section 553 of title 5, United States Code; (2) through the promulgation of an interim final rule, pursuant to which public comment will be sought before a final rule is issued; and
(3) such that paragraph (1) shall apply solely to changes to rules and regulations, or proposed rules and regulations, that are limited to and directly a consequence of such amendments.
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Senate amendment submitted
July 24, 2014