,i  #aae? ,,congress  #b;d ,session  ,h4
 ,r4 #ecbc  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,m>* #ai1 #bjah,mr4   
,davidson introduc$ ! foll[+ bill2 :i* 0
 ref]r$ to ! ,committee on ,f9ancial    
,s]vices  ,a ,,bill  ,to am5d !         
,dodd-,frank ,wall ,/reet ,re=m &       
,consum] ,protection ,act to e/abli% an 
exemption f ! cr$it valuation adju/m5t  
calculation = uncle>$ d]ivatives        
transactions ) end-us]s s t ,unit$      
,/ates companies are n disadvantag$1 & =
 o!r purposes4  #a4 ,%ort title ,?is    
,act may be cit$ z ! ,d]ivatives        
,fairness ,act4  #b4 ,cr$it valuation   
adju/m5t relief  7a7 ,9 g5]al ,!        
,dodd-,frank ,wall ,/reet ,re=m &       
,consum] ,protection ,act 7#ab ,u4,s4,c4
 #ecfa et seq471 is am5d$ by ins]t+ aft]
 section #agf ! foll[+ new section3     
#agg4 ,cr$it valuation adju/m5t         
,prud5tial risk-bas$ capital requirem5ts
 & g5]ally applicable risk-bas$ capital 
requirem5ts e/abli%$ by ! appropriate   
,f$]al bank+ ag5cies %all n apply a fair

 value adju/m5t to reflect c\nt]p>ty    
cr$it risk 9 valuation ( ov]-!-c\nt]    
d]ivative contracts ) respect to        
transactions ) a c\nt]p>ty t-- 7#a7 is  
describ$ "u section #b7;h77#g77;,a7 ( ! 
,commodity ,ex*ange ,act2  7#b7 is a    
p]son or class ( p]sons t meets any     
qualifications requir$ by a regulation  
issu$ by ! ,commodity ,futures ,trad+   
,commission ) respect to su* p]son or   
class ( p]sons qualify+ = an exemption  
"u section #d7;c77#a7 ( ! ,commodity    
,ex*ange ,act f ! requirem5ts ( section 
#b7;h77#a77;,a7 ( su* ,act2 or  7#c7 is 
an affiliate t meets ! requirem5ts = an 
exception "u section #b7;h77#g77;,d7 ( !
 ,commodity ,ex*ange ,act4  4  7b7      
,con=m+ am5dm5t ,! table ( cont5ts 9    
section #a7;b7 ( ! ,dodd-,frank ,wall   
,/reet ,re=m & ,consum] ,protection ,act
 7#ab ,u4,s4,c4 #ecja note7 is am5d$ by 
ins]t+ aft] ! item relat+ to section    
#agf ! foll[+ new item3  ,sec4 #agg4    
,cr$it valuation adju/m5t4  4