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H.R.1256: Swap Jurisdiction Certainty Act

About this Bill

This bill was introduced in the 113th Congress
This bill is primarily about finance and financial sector
You can read the bill
Sponsor Scott Garrett, R-N.J.
Total Cosponsors 3 (2 Democrats, 1 Republican)
Introduced March 19, 2013
Latest Major Action June 13, 2013
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Bill Progress

  • Bill introduced in the House   
  • Bill passed in the House   
  • Bill passed in the Senate   
  • Bill signed into law

Bill Summary

(This measure has not been amended since it was reported to the House as amended, Part I, on June 10, 2013. The summary of that version is repeated here.)

Swap Jurisdiction Certainty Act - Directs the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to issue jointly rules governing the application of swaps requirements of the Securities Exchange Act of 1934 and the Commodity Exchange Act, relating to cross-border swaps and security-based swaps transactions involving U.S. persons or non-U.S. persons.

Requires such rules to be identical (except to the extent necessary to accommodate differences in other underlying statutory requirements), and to address: (1) the nature of the connections to the United States that require a non-U.S. person to register as a swap dealer, major swap participant, security-based swap dealer, or security-based swap participant under each Commission's respective Acts and related regulations; ...

(Source: Congressional Research Service)

Bill Actions

Date Description
June 13, 2013 Received in the Senate and Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
June 12, 2013 Motion to reconsider laid on the table Agreed to without objection.
June 12, 2013

On passage Passed by recorded vote: 301 - 124 (Roll no. 218). (text: CR H3318)

June 12, 2013

On motion to recommit with instructions Failed by the Yeas and Nays: 194 - 230 (Roll no. 217). (consideration: CR H3332)

June 12, 2013 DEBATE - The House proceeded with 10 minutes of debate on the Sean Maloney motion to recommit with instructions. The instructions contained in the motion seek to report the same back to the House forthwith with an amendment to require the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) to rule that foreign entities are not broadly equivalent to U.S. swaps requirements if they: (1) engage in cyber attacks against the U.S. (including U.S. persons and businesses), do not have or enforce laws to deter cyber attacks, or have ever been the subject of a civil or criminal proceeding for cyber attacks; or (2) are in violation of, do not enforce comparable restrictions to, or have ever been the subject of a civil or criminal proceeding for violating Iran Sanctions.
June 12, 2013 Mr. Maloney, Sean moved to recommit with instructions to Financial Services. (consideration: CR H3330-3332; text: CR H3330-3331)
June 12, 2013 The previous question was ordered pursuant to the rule. (consideration: CR H3330)
June 12, 2013 DEBATE - The House proceeded with one hour of debate on H.R. 1256.
June 12, 2013 Resolution provides for one hour of general debate on H.R. 1960. Resolution also provides for one hour of general debate on H.R. 1256 under a closed rule.
June 12, 2013 Considered under the provisions of rule H. Res. 256. (consideration: CR H3317-3332)
June 12, 2013 Rule H. Res. 256 passed House.
June 11, 2013 Rules Committee Resolution H. Res. 256 Reported to House. Resolution provides for one hour of general debate on H.R. 1960. Resolution also provides for one hour of general debate on H.R. 1256 under a closed rule.
June 10, 2013 Placed on the Union Calendar, Calendar No. 72.
June 10, 2013 Reported by the Committee on Agriculture. H. Rept. 113-103, Part II.
June 10, 2013 Reported (Amended) by the Committee on Financial Services. H. Rept. 113-103, Part I.
May 7, 2013 Ordered to be Reported (Amended) by the Yeas and Nays: 48 - 11.
May 7, 2013 Committee Consideration and Mark-up Session Held.
April 11, 2013 Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.
March 20, 2013 Ordered to be Reported by Voice Vote.
March 20, 2013 Committee Consideration and Mark-up Session Held.
March 19, 2013 Referred to House Agriculture
March 19, 2013 Referred to House Financial Services