113th Congress > House > Vote 218

Date: June 12, 2013

Result: 423-0 (Passed)

Clerk session vote number: 219

Vote Subject Matter: Government Management / Regulation Special Interest

Sponsor: LAMALFA, Doug (R-CA)

Bill number: HR1038

Question: On Motion to Suspend the Rules and Pass

Description: To provide equal treatment for utility special entities using utility operations-related swaps, and for other purposes

Bill summary: (This measure has not been amended since it was introduced. The summary of that version is repeated here.) Public Power Risk Management Act of 2013 - Amends the Commodity Exchange Act to direct the Commodity Futures Trading Commission (CFTC), when it determines whether to provide an exemption to designation as a swap dealer, to treat a utility operations-related swap entered into with a utility special entity as if such swap were entered into with an entity that is not a special entity. (Thus exempts an entity entering into a utility operations-related swap with a utility special entity from mandatory registration as a swap dealer.) Requires transactions in utility operations-related swaps to be reported according to requirements for the reporting of uncleared swaps. Defines "utility special entity" as a special entity, or any instrumentality, department, or corporation of or established by a state or local government, that: (1) owns or operates an electric or natural gas facility or an electric or natural gas operation; (2) supplies natural gas or electric energy to another utility special entity; (3) has public service obligations under federal, state, or local law or regulation to deliver electric energy or natural gas service to customers; or (4) is a federal power marketing agency. Redefines swap to include a utility operations-related swap. Defines "utility operations-related swap" as one that: (1) is entered into to hedge or mitigate commercial risk; (2) is associated with specified transactions in electric energy or natural gas; and (3) is not a contract, agreement, or transaction based on, derived on, or referencing an interest rate, credit, equity, or currency asset class; or a metal, agricultural commodity, or crude oil or gasoline commodity of any grade, except as used as fuel for electric energy generation.

Bill titles: To provide equal treatment for utility special entities using utility operations-related swaps, and for other purposes.

Links for more info on the vote: congress.gov

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