House Ag Committee to consider bills amending Dodd-Frank Act
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WASHINGTON, Jan. 24- The full House Committee on Agriculture will conduct a business meeting Wednesday at 9:00 a.m. to consider six bills designed to amend Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
·H H.R. 2682, introduced by Rep. Michael Grimm (R- N.Y.), is the Business Mitigation and Price Stabilization Act of 2011, which would provide end user exemptions from certain provisions of the Commodity Exchange Act and the Securities Exchange Act of 1934.
· H.R. 2779, introduced by Rep. Steve Stivers (R-Ohio), is intended to exempt inter-affiliate swaps from certain regulatory requirements put in place by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
· H.R. 2586, introduced by Rep. Scott Garrett (R-N.J.), is the Swap Execution Facility (SEF) Clarification Act, which would refine the definition of swap execution facility in Title VII of the Dodd-Frank Act.
· H.R. 3336, the Small Business Credit Availability Act, introduced by Rep. Vicky Hartzler (R-Mo.) provides an exemption from the definition of “financial entity.”
It states that Congress did not intend to burden farm credit and community banks, but that those small banks could face substantial new costs associated with moving swaps into central clearing, as required by Title VII of the Dodd-Frank Act. The bill
Hartzler's bill, H.R. 3336, requires the CFTC to exempt small banks, farm credit system institutions, credit unions and rural electric cooperatives' lending entities that have less than $1 billion in exposure. This amount is 1/8th the exposure the CFTC proposed for requiring entities to enlist as Major Swap Participants.
· H.R. 3527, introduced by Rep. Randy Hultgren (R-Ill.), is intended to protect Main Street end-users from excessive regulation by amending the Commodity Exchange Act to clarify the definition of swap dealer.
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