,i  #aac? ,,congress  #a/ ,session  ,h4 
,r4 #fgg  ,,9 ,,! ,,h\se ,,(            
,,repres5tatives  ,febru>y #ac1 #bjac   
,mr4 ,/iv]s 7= himself1 ,ms4 ,fudge1    
,ms4 ,moore1 ,mr4 ,gibson1 & ,mr4       
,s*weik]t7 introduc$ ! foll[+ bill2 :i* 
0 ref]r$ to ! ,committee on ,f9ancial   
,s]vices1 & 9 addition to ! ,committee  
on ,agriculture1 = a p]iod to be        
subsequ5tly det]m9$ by ! ,speak]1 9 ea* 
case = consid]ation ( su* provisions z  
fall )9 ! jurisdiction ( ! committee    
conc]n$  ,a ,,bill  ,to exempt          
int]-affiliate swaps f c]ta9 regulatory 
requirem5ts put 9 place by !            
,dodd-,frank ,wall ,/reet ,re=m &       
,consum] ,protection ,act4  #a4 ,%ort   
title ,?is ,act may be cit$ z !         
,int]-,affiliate ,swap ,cl>ification    
,act4  #b4 ,treatm5t ( affiliate        
transactions  7a7 ,commodity ,ex*ange   
,act am5dm5ts  7#a7 ,treatm5t (         
affiliate transactions ,section         
#a;a7#dg7 ( ! ,commodity ,ex*ange ,act  
7#g ,u4,s4,c4 #a;a7#dg771 z add$ by     

section #gba7;a77#ba7 ( ! ,dodd-,frank  
,wall ,/reet ,re=m & ,consum]           
,protection ,act1 is am5d$ by add+ at ! 
end ! foll[+3  7,g7 ,treatm5t (         
affiliate transactions  7i7 ,9 g5]al ,= 
! purposes ( any cle>+ & execution      
requirem5ts "u section #b7;h7 & any     
applicable m>g9 & capital requirem5ts ( 
section #ds7e7 & = purposes ( def9+ swap
 deal] or major swap p>ticipant1 &      
report+ requirem5ts o!r ?an ^? set =? 9 
clause 7ii71 ! t]m swap does n include  
any agreem5t1 contract1 or transaction  
t--  7,i7 w\ld o!rwise be includ$ z a   
swap "u subp>agraph 7,a72 &  7,,ii7 is  
ent]$ into by p>ties1 nei!r ( :i* is a  
#8swap deal]' t is an insur$ depository 
in/itution or a #8major swap p>ticipant'
 t is an insur$ depository in/itution1 t
 report in=mation or prep>e f9ancial    
/atem5ts on a consolidat$ basis1 or =   
:i* a company affiliat$ ) bo? p>ties    
reports in=mation or prep>es f9ancial   
/atem5ts on a consolidat$ basis4  7ii7  
,report+ ,all agreem5ts1 contracts1 or  

transactions describ$ 9 clause 7i7 %all 
be report$ to ei!r a swap data          
repository1 or1 if !re is no swap data  
repository t w\ld accept su* agreem5ts1 
contracts1 or transactions1 to !        
,commission pursuant to section #dr1 or 
to a swap data repository or to !       
,commission pursuant to section         
#b7;h77#e71 )9 su* "t p]iod z !         
,commission may by rule or regulation   
prescribe4 ,no?+ 9 ?is subp>agraph %all 
prohibit ! ,commission f e/abli%+ public
 report+ requirem5ts = cov]$            
transactions betwe5 affiliates z        
describ$ 9 sections #bc;,a & #bc;,b ( ! 
,f$]al ,res]ve ,act 9 a mann] consi/5t )
 rules gov]n+ ! treatm5t ( su* cov]$    
transactions pursuant to section        
#b7;a77#ac7 ( ?is ,act4  7iii7          
,protection ( insurance funds ,no?+ 9   
?is subp>agraph %all be con/ru$ to      
prev5t ! regulator ( a ,f$]al or ,/ate  
insurance fund or gu>anty fund f ex]cis+
 its o!r exi/+ au?ority to protect !    
integrity ( su* a fund1 except t su*    

regulator %all n subject agreem5ts1     
contracts1 or transactions describ$ 9   
clause 7i7 to cle>+ & execution         
requirem5ts "u section #b ( ?is ,act1 to
 any applicable m>g9 & capital          
requirem5ts ( section #ds7e7 ( ?is ,act1
 or to report+ requirem5ts ( title ,,vii
 ( ,public ,law #aaa-bjc o!r ?an ^? set 
=? 9 clause 7ii7 ( ?is subp>agraph4     
7iv7 ,pres]vation ( f$]al res]ve act    
au?ority ,no?+ 9 ?is subp>agraph %all   
exempt a transaction describ$ 9 ?is     
subp>agraph f sections #bc;,a or #bc;,b 
( ! ,f$]al ,res]ve ,act or implem5t+    
regulations !reund]4  7v7 ,pres]vation (
 f$]al & /ate regulatory au?orities     
,no?+ 9 ?is subp>agraph %all affect !   
,f$]al bank+ ag5cies' safety-&-s\ndness 
au?orities ov] banks e/abli%$ 9 law o!r 
?an title ,,vii ( ,public ,law #aaa-bjc 
or ! au?orities ( ,/ate insurance       
regulators ov] insur]s1 includ+ !       
au?ority to impose capital requirem5ts )
 reg>d to swaps4 ,= purposes ( ?is      
clause1 ! t]m #8bank' %all be def9$     

pursuant to section #c7;a77#f7 ( !      
,securities ,ex*ange ,act ( #aicd1      
#8insur]' %all be def9$ pursuant to     
title ,v ( ,public ,law #aaa-bjc1 &     
#8swap' %all be def9$ pursuant to title 
,,vii ( ,public ,law #aaa-bjc4  7vi7    
,prev5tion ( evasion ,! ,commission may 
prescribe rules "u ?is subp>agraph 7&   
issue int]pretations ( su* rules7 z     
det]m9$ by ! ,commission to be necess>y 
to include 9 ! def9ition ( swaps "u ?is 
p>agraph any agreem5t1 contract1 or     
transaction t has be5 /ructur$ to evade 
! requirem5ts ( ?is ,act applicable to  
swaps4  4  7#b7 ,treatm5t ( affiliates  
,section #b7;h77#g77;,d77i7 ( !         
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#b7;h77#g77;,d77i771 z add$ by section  
#gbc7;a7 ( ! ,dodd-,frank ,wall ,/reet  
,re=m & ,consum] ,protection ,act1 is   
am5d$ to read z foll[s3  7i7 ,9 g5]al   
,an affiliate ( a p]son t qualifies = an
 exception "u subp>agraph 7,a7 7includ+ 
affiliate entities pr$om9antly engag$ 9 
provid+ f9anc+ = ! pur*ase ( ! m]*&ise  

or manufactur$ goods ( ! p]son7 may     
qualify = ! exception only if !         
affiliate ent]s into ! swap to h$ge or  
mitigate ! comm]cial risk ( ! p]son or  
o!r affiliate ( ! p]son t is n a        
f9ancial entity4  4  7b7 ,securities    
,ex*ange ,act ( #aicd am5dm5ts  7#a7    
,treatm5t ( affiliate transactions      
,section #c7;a77#fh7 ( ! ,securities    
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#gh;c7a77#fh771 z add$ by section       
#gfa7;a77#f7 ( ! ,dodd-,frank ,wall     
,/reet ,re=m & ,consum] ,protection     
,act1 is am5d$ by add+ at ! end !       
foll[+3  7,f7 ,treatm5t ( affiliate     
transactions  7i7 ,9 g5]al ,= ! purposes
 ( any cle>+ & execution requirem5ts "u 
section #c;,c & any applicable m>g9 &   
capital requirem5ts ( section #ae;,f7e71
 & = purposes ( def9+ security-bas$ swap
 deal] or a major security-bas$ swap    
p>ticipant1 & report+ requirem5ts o!r   
?an ^? set =? 9 clause 7ii71 ! t]m      
security-bas$ swap does n include any   
agreem5t1 contract1 or transaction t--  

7,i7 w\ld o!rwise be includ$ z a        
security-bas$ swap "u subp>agraph 7,a72 
&  7,,ii7 is ent]$ into by p>ties1 nei!r
 ( :i* is a #8security-bas$ swap deal]' 
t is an insur$ depository in/itution or 
a #8major security-bas$ swap p>ticipant'
 t is an insur$ depository in/itution1 t
 report in=mation or prep>e f9ancial    
/atem5ts on a consolidat$ basis1 or =   
:i* a company affiliat$ ) bo? p>ties    
reports in=mation or prep>es f9ancial   
/atem5ts on a consolidat$ basis4  7ii7  
,report+ ,all agreem5ts1 contracts1 or  
transactions describ$ 9 clause 7i7 %all 
be report$ to ei!r a security-bas$ swap 
data repository1 or1 if !re is no       
security-bas$ swap data repository t    
w\ld accept su* agreem5ts1 contracts1 or
 transactions1 to ! ,commission pursuant
 to section #ac;,a1 )9 su* "t p]iod z ! 
,commission may by rule or regulation   
prescribe4  7iii7 ,pres]vation ( f$]al  
res]ve act au?ority ,no?+ 9 ?is         
subp>agraph %all exempt a transaction   
describ$ 9 ?is subp>agraph f sections   

#bc;,a or #bc;,b ( ! ,f$]al ,res]ve ,act
 or implem5t+ regulations !reund]4  7iv7
 ,protection ( insurance funds ,no?+ 9  
?is subp>agraph %all be con/ru$ to      
prev5t ! regulator ( a ,f$]al or ,/ate  
insurance fund or gu>anty fund f ex]cis+
 its o!r exi/+ au?ority to protect !    
integrity ( su* a fund1 except t su*    
regulator %all n subject security-bas$  
swap transactions betwe5 affiliat$      
companies to cle>+ & execution          
requirem5ts "u section #c;,c1 to any    
applicable m>g9 & capital requirem5ts ( 
section #ae;,f7e71 or to report+        
requirem5ts ( title ,,vii ( ,public ,law
 #aaa-bjc o!r ?an ^? set =? 9 clause    
7ii74  7v7 ,pres]vation ( f$]al & /ate  
regulatory au?orities ,no?+ 9 ?is       
subp>agraph %all affect ! ,f$]al bank+  
ag5cies' safety-&-s\ndness au?orities   
ov] banks e/abli%$ 9 law o!r ?an title  
,,vii ( ,public ,law #aaa-bjc or !      
au?orities ( ,/ate insurance regulators 
ov] insur]s1 includ+ ! au?ority to      
impose capital requirem5ts ) reg>d to   

security-bas$ swaps4 ,= purposes ( ?is  
clause1 ! t]m #8bank' %all be def9$     
pursuant to section #c7;a77#f7 ( !      
,securities ,ex*ange ,act ( #aicd1      
#8insur]' %all be def9$ pursuant to     
title ,v ( ,public ,law #aaa-bjc1 &     
#8security-bas$ swap' %all be def9$     
pursuant to title ,,vii ( ,public ,law  
#aaa-bjc4  7vi7 ,prev5tion ( evasion ,! 
,commission may prescribe rules "u ?is  
subp>agraph 7& issue int]pretations (   
su* rules7 z det]m9$ by ! ,commission to
 be necess>y to include 9 ! def9ition ( 
security-bas$ swap "u ?is p>agraph any  
agreem5t1 contract1 or transaction t has
 be5 /ructur$ to evade ! requirem5ts (  
?is ,act applicable to security-bas$    
swaps4  4  7#b7 ,treatm5t ( affiliates  
,section #c;,c7g77#d77;,a7 ( !          
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gh;c-#c7;g77#d77;,a771 z add$
 by section #gfc7;a7 ( ! ,dodd-,frank   
,wall ,/reet ,re=m & ,consum]           
,protection ,act1 is am5d$ to read z    
foll[s3  7i7 ,9 g5]al ,an affiliate ( a 

p]son t qualifies = an exception "u ?is 
subsection 7includ+ affiliate entities  
pr$om9antly engag$ 9 provid+ f9anc+ = ! 
pur*ase ( ! m]*&ise or manufactur$ goods
 ( ! p]son7 may qualify = ! exception   
only if ! affiliate ent]s into !        
security-bas$ swap to h$ge or mitigate !
 comm]cial risk ( ! p]son or o!r        
affiliate ( ! p]son t is n a f9ancial   
entity4  4