Wall Street Deregulation Garners Bipartisan Support Despite Devastating JPMorgan Report

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32. Ag Committee Approves Bipartisan Legislation to Tweak Dodd-Frank Act; Passes to Full House.

The House Agriculture Committee approved Seven Legislative Proposals Amending Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

** A note from Chairman Frank Lucas: "I appreciate the bipartisan leadership of my colleagues on the bills that advanced today. Our effort is to ensure that America's job creators - our farmers, ranchers, small businesses, government utilities, and manufacturers - are not overburdened by financial regulations. Without these important changes, regulations could deter businesses from hedging against risk, which is contrary to the purpose of financial regulatory reform," said Chairman Frank Lucas.
** Meaning they can Swap without it being Secured by Money by them so when it goes belly up they lose Nothing and Us (taxpayer) are in the Hook, like a fish, and if your Foreign Swapping you Don't have to be Governed by U.S. Regulations,which many are U.S. Swapping through Foreign Swaps! * We can see the problems Foreign Financial Institutions are having with their own Regulations as we speak! ..Is what I get from it all

The bills include the following:

H.R. 634, the Business Risk Mitigation and Price Stabilization Act, ensures that end-users can continue to use derivatives to manage business risks without being subject to costly margin requirements.
**SPONSORS: Reps. Michael Grimm (R-NY), Gary Peters (D-MI), Austin Scott (R-GA), and Mike McIntyre (D-NC)

H.R. 677, the Inter-Affiliate Swap Clarification Act, ensures that transactions between affiliates within a single corporate group are not regulated as swaps.
**SPONSORS: Reps. Steve Stivers (R-OH), Gwen Moore D-WI), Chris Gibson (R-NY), and Marcia Fudge (D-OH)

H.R. 742, the Swap Data Repository and Clearinghouse Indemnification Correction Act of 2013, would allow data sharing between U.S. and international regulators and swap data repositories without adding an unnecessary layer of legal bureaucracy.
**SPONSORS: Reps. Rick Crawford (R-AR), Sean Patrick Maloney (D-NY), Bill Huizenga (R-MI), and Gwen Moore (D-WI).

H.R. 992, the Swaps Regulatory Improvement Act, amends Section 716 of the Dodd-Frank Act to limit the swap desk push-out requirement so that it only applies to certain swaps based on certain asset-backed securities and does not disadvantage U.S. institutions compared to their international counterparts who have no similar restrictions.
**SPONSORS: Reps. Randy Hultgren (R-IL), Richard Hudson (F-NC), Sean Patrick Maloney (D-NY), and Jim Himes (D-CT)

H.R. 1003, would require the CFTC to assess the costs and benefits of its actions.
**SPONSORS:Reps. Mike Conaway (R-TX), David Scott (D-GA), Jim Jordan (R-OH), Patrick McHenry (R-NC), and Scott Garrett (R-NJ).

H.R. 1038, the Public Power Risk Management Act, would allow producers, utility companies, and other non-financial entities to continue entering into energy swaps with government-owned utilities without danger of being required to register with the CFTC as a swap dealer.
**SPONSORS: Reps. Doug LaMalfa (R-CA), (Jeff Denham (R-CA), John Garamendi (D-CA), Blaine Luetkemeyer (R-MO), and Jim Costa (D-CA).

H.R. 1256, the Swap Jurisdiction Certainty Act, would direct the CFTC and the Securities and Exchange Commission to adopt a joint rule on how they will regulate cross-border swaps transactions as part of the new requirements created in the Dodd-Frank Act.
**SPONSORS: Reps. Scott Garrett (R-NJ), Mike Conaway (R-TX), David Scott (D-CA), and John Carney (D-DE)

*The Seven Legislative Proposals Amending Title VII of the -- Dodd-Frank Wall Street Reform and Consumer Protection Act, Will now go to the Full House!

*redqueen gave you the link to see the Committee Members faces now link them to the bills they Sponsored. heres the link from redqueen: http://agriculture.house.gov/about/membership ~ TY redqueen Each Bills Sponsors -- Differ with each Bill.

All bills found at: Agriculture.house.gov click Legislation, then Current Legislation to get to the Bills, they have not been sent to Thomas Library as of yet and can only be viewed here.