H.R. 2779 — 112th Congress

To exempt inter-affiliate swaps from certain regulatory requirements put in place by the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Originated in the House · Introduced Aug 1, 2011 · Finance and Financial Sector

Latest action

Mar 28, 2012

Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 343.

CRS summary

As of Mar 26, 2012

Passed House amended

(Sec. 1) Amends the Commodity Exchange Act (CEA), as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), to exclude from the meaning of the term "swap," for purposes of clearing and execution requirements, capital and margin requirements, and for purposes of defining a swap dealer or major swap participant, any agreement, contract, or transaction that: (1) would otherwise be included as a "swap"; and (2) is entered into by parties that report information or prepare financial statements on a consolidated basis, or 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 either a swap data repository, or, if no such repository would accept them, to the Commodity Futures Trading Commission (CFTC) within the time period prescribed by the CFTC.

Retains federal or state regulatory authority to protect the integrity of an insurance fund or guaranty fund. Prohibits the regulator of such a fund, however, from subjecting agreements, contracts, or transactions between affiliated companies to specified clearing, capital and margin requirements, or reporting requirements of the Wall Street Transparency and Accountability Act of 2010 (WSTAA) (title VII of Dodd-Frank).

States that such transactions, however, are not exempt from regulation under the Federal Reserve Act (FRA) with respect to transactions among banking affiliates.

Preserves the safety-and-soundness authorities of the federal banking agencies, other than the authorities set forth in WSTAA.

Authorizes the CFTC to prescribe rules that include in the definition of swaps any agreement, contract, or transaction that has been structured to evade CEA requirements applicable to swaps.

Amends the Securities Exchange Act of 1934 (SEA), as amended by Dodd-Frank, to exclude from the meaning of the term "security-based swap," for purposes of clearing and execution requirements, capital and margin requirements, and for purposes of defining a security-based swap dealer or major security-based swap participant, any agreement, contract, or transaction that: (1) would otherwise be included as a "security-based swap"; and (2) is entered into by parties that report information or prepare financial statements on a consolidated basis, or 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 either a security-based swap data repository, or, if no such repository would accept them, to the Securities and Exchange Commission (SEC) within the time period prescribed by the SEC.

States that such transactions, however, are not exempt from regulation under the FRA with respect to transactions among banking affiliates.

Retains federal or state regulatory authority to protect the integrity of an insurance fund or guaranty fund. Prohibits the regulator of such a fund, however, from subjecting security-based swap transactions between affiliated companies to specified clearing and execution requirements, capital and margin requirements, or reporting requirements of the WSTAA.

Preserves the safety-and-soundness authorities of the federal banking agencies or state insurance regulators to impose capital requirements with regard to security-based swaps, other than the authorities set forth in WSTAA.

Authorizes the SEC to prescribe rules that include in the definition of security-based swaps any agreement, contract, or transaction that has been structured to evade SEA requirements applicable to security-based swaps.

(Sec. 2) Requires that the amendments to CEA made by this Act be implemented: (1) without regard to federal information policy requirements or the notice and comment requirements of federal administrative procedure; and (2) through promulgation of an interim final rule, pursuant to which public comment will be sought before a final rule is issued.

Limits the disregard of such federal information policy and notice and comment requirements solely to changes to rules and regulations, or proposed rule and regulations, that are limited to, and directly a consequence of, the amendments to CEA made by this Act.

Congressional Research Service, via api.congress.gov (public domain)

Roll-call votes

1 on record

Mar 26, 2012 · On Motion to Suspend the Rules and Pass, as Amended

Full roll call

Passed (357–36)

82 of 431 recorded votes are not yet matched to a member profile.

Yea357: 184 R · 108 D · 1 L

MemberPartyState
BARTLETT, Roscoe GardnerMD
BOREN, Daniel DavidOK
CHANDLER, A. B.KY
CARDOZA, Dennis A.CA
WATT, Melvin L.NC
LEWIS, Charles JeremyCA
TURNER, Robert L.NY
QUAYLE, BenAZ
LaTOURETTE, Steven C.OH
ALEXANDER, RodneyLA
STARK, Fortney Hillman (Pete), Jr.CA
WEST, AllenFL
ROTHMAN, StevenNJ
SHULER, HeathNC
BILBRAY, Brian P.CA
CLARKE, HansenMI
RICHARDSON, LauraCA
FRANK, BarneyMA
ADAMS, SandraFL
BASS, Charles FosterNH
MANZULLO, Donald A.IL
BIGGERT, Judy BorgIL
McCOTTER, Thaddeus GeorgeMI
SULLIVAN, JohnOK
BERG, RickND
CANSECO, FranciscoTX
SCHMIDT, JeanOH
DREIER, David TimothyCA
BERKLEY, ShelleyNV
WOOLSEY, Lynn C.CA
YOUNG, Charles WilliamFL
CRAVAACK, ChipMN
CANTOR, EricVA
REHBERG, DennyMT
CRITZ, Mark S.PA
BACA, JoeCA
BOSWELL, Leonard L.IA
PLATTS, ToddPA
STEARNS, Clifford BundyFL
COSTELLO, Jerry FrancisIL
ACKERMAN, Gary LeonardNY
SUTTON, BettyOH
HOLDEN, Thomas TimothyPA
ROSS, Michael AveryAR
HAYWORTH, NanNY
CARNAHAN, RussMO
WALSH, JoeIL
ALTMIRE, JasonPA
EMERSON, Jo AnnMO
MYRICK, SueNC
LUNGREN, Daniel EdwardCA
HOCHUL, Kathleen C.NY
BURTON, Danny LeeIN
ANDREWS, Robert ErnestNJ
BONO, MaryCA
DAVIS, Geoffrey C.KY
HERGER, Walter WilliamCA
GALLEGLY, Elton W.CA
SCHILLING, BobbyIL
PENCE, MikeIN
OLVER, John WalterMA
GONZALEZ, Charles A.TX
AUSTRIA, SteveOH
BONNER, Jr., Josiah RobinsAL
Terri A. SewellDemocratAL
Ed PastorDemocratAZ
Adam B. SchiffDemocratCA
Anna G. EshooDemocratCA
Brad ShermanDemocratCA
Doris O. MatsuiDemocratCA
George MillerDemocratCA
Grace F. NapolitanoDemocratCA
Henry A. WaxmanDemocratCA
Jackie SpeierDemocratCA
Janice HahnDemocratCA
Jerry McNerneyDemocratCA
Judy ChuDemocratCA
Karen BassDemocratCA
Linda T. SánchezDemocratCA
Lois CappsDemocratCA
Loretta SanchezDemocratCA
Lucille Roybal-AllardDemocratCA
Maxine WatersDemocratCA
Michael M. HondaDemocratCA
Mike ThompsonDemocratCA
Nancy PelosiDemocratCA
Sam FarrDemocratCA
Susan A. DavisDemocratCA
Zoe LofgrenDemocratCA
Diana DeGetteDemocratCO
Ed PerlmutterDemocratCO
Jared PolisDemocratCO
Christopher MurphyDemocratCT
James A. HimesDemocratCT
John C. Carney Jr.DemocratDE
Alcee L. HastingsDemocratFL
Debbie Wasserman SchultzDemocratFL
Frederica S. WilsonDemocratFL
Kathy CastorDemocratFL
David ScottDemocratGA
John BarrowDemocratGA
John LewisDemocratGA
Sanford D. Bishop, Jr.DemocratGA
Colleen HanabusaDemocratHI
Bruce L. BraleyDemocratIA
David LoebsackDemocratIA
Daniel LipinskiDemocratIL
Mike QuigleyDemocratIL
André CarsonDemocratIN
Peter J. ViscloskyDemocratIN
John A. YarmuthDemocratKY
Cedric L. RichmondDemocratLA
James P. McGovernDemocratMA
Michael E. CapuanoDemocratMA
Niki TsongasDemocratMA
Stephen F. LynchDemocratMA
William R. KeatingDemocratMA
C. A. Dutch RuppersbergerDemocratMD
Chris Van HollenDemocratMD
Donna F. EdwardsDemocratMD
Elijah E. CummingsDemocratMD
Steny H. HoyerDemocratMD
Michael H. MichaudDemocratME
Gary C. PetersDemocratMI
Sander M. LevinDemocratMI
Betty McCollumDemocratMN
Collin C. PetersonDemocratMN
Keith EllisonDemocratMN
Timothy J. WalzDemocratMN
Emanuel CleaverDemocratMO
Wm. Lacy ClayDemocratMO
David E. PriceDemocratNC
G. K. ButterfieldDemocratNC
Albio SiresDemocratNJ
Frank Pallone, Jr.DemocratNJ
Ben Ray LujánDemocratNM
Brian HigginsDemocratNY
Carolyn B. MaloneyDemocratNY
Eliot L. EngelDemocratNY
Gregory W. MeeksDemocratNY
Joseph CrowleyDemocratNY
Louise McIntosh SlaughterDemocratNY
Nita M. LoweyDemocratNY
Paul TonkoDemocratNY
Steve IsraelDemocratNY
Timothy H. BishopDemocratNY
William L. OwensDemocratNY
Yvette D. ClarkeDemocratNY
Marcia L. FudgeDemocratOH
Tim RyanDemocratOH
Earl BlumenauerDemocratOR
Kurt SchraderDemocratOR
Allyson Y. SchwartzDemocratPA
Chaka FattahDemocratPA
Robert A. BradyDemocratPA
David N. CicillineDemocratRI
James E. ClyburnDemocratSC
Jim CooperDemocratTN
Al GreenDemocratTX
Eddie Bernice JohnsonDemocratTX
Gene GreenDemocratTX
Henry CuellarDemocratTX
Rubén HinojosaDemocratTX
Jim MathesonDemocratUT
Gerald E. ConnollyDemocratVA
James P. MoranDemocratVA
Adam SmithDemocratWA
Rick LarsenDemocratWA
Gwen MooreDemocratWI
Ron KindDemocratWI
Tammy BaldwinDemocratWI
Nick J. Rahall IIDemocratWV
Justin AmashLibertarianMI
Don YoungRepublicanAK
Martha RobyRepublicanAL
Mike RogersRepublicanAL
Mo BrooksRepublicanAL
Robert B. AderholtRepublicanAL
Spencer BachusRepublicanAL
Eric A. "Rick" CrawfordRepublicanAR
Steve WomackRepublicanAR
Tim GriffinRepublicanAR
David SchweikertRepublicanAZ
Jeff FlakeRepublicanAZ
Trent FranksRepublicanAZ
Darrell IssaRepublicanCA
Devin NunesRepublicanCA
Duncan HunterRepublicanCA
Edward R. RoyceRepublicanCA
Gary G. MillerRepublicanCA
Howard P. "Buck" McKeonRepublicanCA
Jeff DenhamRepublicanCA
Ken CalvertRepublicanCA
Kevin McCarthyRepublicanCA
Tom McClintockRepublicanCA
Cory GardnerRepublicanCO
Doug LambornRepublicanCO
Mike CoffmanRepublicanCO
Scott R. TiptonRepublicanCO
Ander CrenshawRepublicanFL
Bill PoseyRepublicanFL
Daniel WebsterRepublicanFL
Dennis A. RossRepublicanFL
Gus M. BilirakisRepublicanFL
Ileana Ros-LehtinenRepublicanFL
Jeff MillerRepublicanFL
John L. MicaRepublicanFL
Mario Diaz-BalartRepublicanFL
Steve Southerland IIRepublicanFL
Thomas J. RooneyRepublicanFL
Vern BuchananRepublicanFL
Austin ScottRepublicanGA
Jack KingstonRepublicanGA
Lynn A. WestmorelandRepublicanGA
Paul C. BrounRepublicanGA
Phil GingreyRepublicanGA
Rob WoodallRepublicanGA
Tom GravesRepublicanGA
Tom PriceRepublicanGA
Steve KingRepublicanIA
Tom LathamRepublicanIA
Michael K. SimpsonRepublicanID
Raúl R. LabradorRepublicanID
Aaron SchockRepublicanIL
Adam KinzingerRepublicanIL
John ShimkusRepublicanIL
Peter J. RoskamRepublicanIL
Randy HultgrenRepublicanIL
Robert J. DoldRepublicanIL
Larry BucshonRepublicanIN
Marlin A. StutzmanRepublicanIN
Todd RokitaRepublicanIN
Todd YoungRepublicanIN
Kevin YoderRepublicanKS
Lynn JenkinsRepublicanKS
Mike PompeoRepublicanKS
Tim HuelskampRepublicanKS
Brett GuthrieRepublicanKY
Ed WhitfieldRepublicanKY
Harold RogersRepublicanKY
Bill CassidyRepublicanLA
Charles W. Boustany Jr.RepublicanLA
John FlemingRepublicanLA
Steve ScaliseRepublicanLA
Andy HarrisRepublicanMD
Bill HuizengaRepublicanMI
Candice S. MillerRepublicanMI
Dan BenishekRepublicanMI
Dave CampRepublicanMI
Fred UptonRepublicanMI
Mike RogersRepublicanMI
Tim WalbergRepublicanMI
Erik PaulsenRepublicanMN
John KlineRepublicanMN
Michele BachmannRepublicanMN
Billy LongRepublicanMO
Blaine LuetkemeyerRepublicanMO
Sam GravesRepublicanMO
Vicky HartzlerRepublicanMO
Alan NunneleeRepublicanMS
Gregg HarperRepublicanMS
Steven M. PalazzoRepublicanMS
Howard CobleRepublicanNC
Patrick T. McHenryRepublicanNC
Renee L. EllmersRepublicanNC
Virginia FoxxRepublicanNC
Walter B. JonesRepublicanNC
Adrian SmithRepublicanNE
Jeff FortenberryRepublicanNE
Lee TerryRepublicanNE
Frank C. GuintaRepublicanNH
Christopher H. SmithRepublicanNJ
Frank A. LoBiondoRepublicanNJ
Jon RunyanRepublicanNJ
Leonard LanceRepublicanNJ
Rodney P. FrelinghuysenRepublicanNJ
Scott GarrettRepublicanNJ
Stevan PearceRepublicanNM
Joseph J. HeckRepublicanNV
Mark E. AmodeiRepublicanNV
Christopher P. GibsonRepublicanNY
Michael G. GrimmRepublicanNY
Peter T. KingRepublicanNY
Richard L. HannaRepublicanNY
Tom ReedRepublicanNY
Bill JohnsonRepublicanOH
Bob GibbsRepublicanOH
James B. RenacciRepublicanOH
Jim JordanRepublicanOH
Michael R. TurnerRepublicanOH
Patrick J. TiberiRepublicanOH
Robert E. LattaRepublicanOH
Steve ChabotRepublicanOH
Steve StiversRepublicanOH
Frank D. LucasRepublicanOK
James LankfordRepublicanOK
Tom ColeRepublicanOK
Greg WaldenRepublicanOR
Bill ShusterRepublicanPA
Charles W. DentRepublicanPA
Glenn ThompsonRepublicanPA
Jim GerlachRepublicanPA
Joseph R. PittsRepublicanPA
Lou BarlettaRepublicanPA
Michael G. FitzpatrickRepublicanPA
Tim MurphyRepublicanPA
Tom MarinoRepublicanPA
Jeff DuncanRepublicanSC
Joe WilsonRepublicanSC
Mick MulvaneyRepublicanSC
Tim ScottRepublicanSC
Trey GowdyRepublicanSC
Kristi L. NoemRepublicanSD
Charles J. "Chuck" FleischmannRepublicanTN
David P. RoeRepublicanTN
Diane BlackRepublicanTN
John J. Duncan, Jr.RepublicanTN
Marsha BlackburnRepublicanTN
Scott DesJarlaisRepublicanTN
Stephen Lee FincherRepublicanTN
Blake FarentholdRepublicanTX
Jeb HensarlingRepublicanTX
Joe BartonRepublicanTX
John Abney CulbersonRepublicanTX
John R. CarterRepublicanTX
K. Michael ConawayRepublicanTX
Kay GrangerRepublicanTX
Kevin BradyRepublicanTX
Lamar SmithRepublicanTX
Louie GohmertRepublicanTX
Mac ThornberryRepublicanTX
Michael C. BurgessRepublicanTX
Michael T. McCaulRepublicanTX
Pete OlsonRepublicanTX
Pete SessionsRepublicanTX
Ralph M. HallRepublicanTX
Randy NeugebauerRepublicanTX
Sam JohnsonRepublicanTX
Ted PoeRepublicanTX
Jason ChaffetzRepublicanUT
Bob GoodlatteRepublicanVA
E. Scott RigellRepublicanVA
Frank R. WolfRepublicanVA
H. Morgan GriffithRepublicanVA
Robert HurtRepublicanVA
Robert J. WittmanRepublicanVA
Cathy McMorris RodgersRepublicanWA
Doc HastingsRepublicanWA
Jaime Herrera BeutlerRepublicanWA
F. James Sensenbrenner, Jr.RepublicanWI
Paul D. RyanRepublicanWI
Reid J. RibbleRepublicanWI
Sean P. DuffyRepublicanWI
Thomas E. PetriRepublicanWI
David B. McKinleyRepublicanWV
Shelley Moore CapitoRepublicanWV
Cynthia M. LummisRepublicanWY

Nay36: 30 D

MemberPartyState
BERMAN, Howard LawrenceCA
KUCINICH, DennisOH
MILLER, BradNC
HINCHEY, Maurice DunleaNY
KILDEE, Dale EdwardMI
FILNER, BobCA
Raúl M. GrijalvaDemocratAZ
Barbara LeeDemocratCA
John GaramendiDemocratCA
Xavier BecerraDemocratCA
Joe CourtneyDemocratCT
John B. LarsonDemocratCT
Rosa L. DeLauroDemocratCT
Theodore E. DeutchDemocratFL
Mazie K. HironoDemocratHI
Danny K. DavisDemocratIL
Janice D. SchakowskyDemocratIL
Edward J. MarkeyDemocratMA
John F. TierneyDemocratMA
John P. SarbanesDemocratMD
Chellie PingreeDemocratME
John Conyers, Jr.DemocratMI
John D. DingellDemocratMI
Rush HoltDemocratNJ
Jerrold NadlerDemocratNY
José E. SerranoDemocratNY
Nydia M. VelázquezDemocratNY
Marcy KapturDemocratOH
Peter A. DeFazioDemocratOR
Suzanne BonamiciDemocratOR
James R. LangevinDemocratRI
Steve CohenDemocratTN
Lloyd DoggettDemocratTX
Robert C. "Bobby" ScottDemocratVA
Peter WelchDemocratVT
Jim McDermottDemocratWA

Not Voting38: 15 D · 11 R

MemberPartyState
DICKS, Norman DeValoisWA
AKIN, W. ToddMO
JACKSON, Jesse L., Jr.IL
REYES, SilvestreTX
JOHNSON, Timothy V.IL
BUERKLE, Ann MarieNY
TOWNS, EdolphusNY
KISSELL, LarryNC
PAUL, Ronald ErnestTX
MACK, Connie, IVFL
LANDRY, JeffLA
RIVERA, DavidFL
Jim CostaDemocratCA
Corrine BrownDemocratFL
Henry C. "Hank" Johnson, Jr.DemocratGA
Bobby L. RushDemocratIL
Luis V. GutiérrezDemocratIL
Joe DonnellyDemocratIN
Richard E. NealDemocratMA
Bennie G. ThompsonDemocratMS
Mike McIntyreDemocratNC
Bill Pascrell, Jr.DemocratNJ
Martin HeinrichDemocratNM
Carolyn McCarthyDemocratNY
Charles B. RangelDemocratNY
Michael F. DoyleDemocratPA
Sheila Jackson LeeDemocratTX
Paul A. GosarRepublicanAZ
Dana RohrabacherRepublicanCA
John CampbellRepublicanCA
Richard B. NugentRepublicanFL
Mike KellyRepublicanPA
Patrick MeehanRepublicanPA
Bill FloresRepublicanTX
Kenny MarchantRepublicanTX
Rob BishopRepublicanUT
J. Randy ForbesRepublicanVA
David G. ReichertRepublicanWA

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