,,iib  #aacth ,,congress  #ast ,session 
,h4 ,r4 #fcd  ,,in ,,the ,,senate ,,of  
,,the ,,united ,,states  ,june #ac1     
#bjac ,received2 read twice and referred
 to the ,committee on ,banking1         
,housing1 and ,urban ,affairs  ,,an     
,,act  ,to provide end user exemptions  
from certain provisions of the          
,commodity ,exchange ,act and the       
,securities ,exchange ,act of #aicd1 and
 for other purposes4  #a4 ,short title  
,this ,act may be cited as the ,business
 ,risk ,mitigation and ,price           
,stabilization ,act of #bjac4  #b4      
,margin requirements  7a7 ,commodity    
,exchange ,act amendment ,section #ds7e7
 of the ,commodity ,exchange ,act 7#g   
,u4,s4,c4 #fs7e771 as added by section  
#gca of the ,dodd-,frank ,wall ,street  
,reform and ,consumer ,protection ,act1 
is amended by adding at the end the     
following new paragraph3  7#d7          
,applicability with respect to          
counterparties ,the requirements of     
paragraphs 7#b77;,a77ii7 and            

7#b77;,b77ii71 including the initial and
 variation margin requirements imposed  
by rules adopted pursuant to paragraphs 
7#b77;,a77ii7 and 7#b77;,b77ii71 shall  
not apply to a swap in which a          
counterparty qualifies for an exception 
under section #b7;h77#g77;,a71 or an    
exemption issued under section          
#d7;c77#a7 from the requirements of     
section #b7;h77#a77;,a7 for cooperative 
entities as defined in such exemption1  
or satisfies the criteria in section    
#b7;h77#g77;,d74  4  7b7 ,securities    
,exchange ,act amendment ,section       
#ae;,f7e7 of the ,securities ,exchange  
,act of #aicd 7#ae ,u4,s4,c4            
#gho-#aj7;e771 as added by section      
#gfd7;a7 of the ,dodd-,frank ,wall      
,street ,reform and ,consumer           
,protection ,act1 is amended by adding  
at the end the following new paragraph3 
7#d7 ,applicability with respect to     
counterparties ,the requirements of     
paragraphs 7#b77;,a77ii7 and            
7#b77;,b77ii7 shall not apply to a      

security-based swap in which a          
counterparty qualifies for an exception 
under section #c;,c7g77#a7 or satisfies 
the criteria in section #c;,c7g77#d74  4
  #c4 ,implementation ,the amendments   
made by this ,act to the ,commodity     
,exchange ,act shall be implemented--   
7#a7 without regard to--  7,a7 chapter  
#ce of title #dd1 ,united ,states ,code2
 and  7,b7 the notice and comment       
provisions of section #eec of title #e1 
,united ,states ,code2  7#b7 through the
 promulgation of an interim final rule1 
pursuant to which public comment will be
 sought before a final rule is issued2  
and  7#c7 such that paragraph 7#a7 shall
 apply solely to changes to rules and   
regulations1 or proposed rules and      
regulations1 that are limited to and    
directly a consequence of such          
amendments4  ,passed the ,house of      
,representatives ,june #ab1 #bjac4      
,karen ,l4 ,haas1 ,clerk