THE DAILY WHIP: MONDAY, JUNE 23, 2014

For Immediate Release:

June 23, 2014

Contact:

Stephanie Young, Mariel Saez 202-225-3130

House Meets At: First Vote Predicted: Last Vote Predicted:

12:00 p.m.: Morning Hour
2:00 p.m.: Legislative Business

Unlimited “One Minutes”

6:30 p.m. 7:00 p.m.

**Following one minute speeches, the House is expected to recess until approximately 4:00 p.m. At that time, the House will reconvene and consider the seven bills listed for consideration under suspension of the Rules. Any recorded votes requested will be postponed until 6:30 p.m.

**Members are advised that following last votes, the House is expected to consider general debate and amendments to H.R. 4413. Any recorded votes requested will be postponed until tomorrow.

Suspensions (7 bills)

  1. S. 2086 – Reliable Home Heating Act (Sen. Thune – Transportation and Infrastructure)
  2. H.R. 4092 – Streamlining Energy Efficiency for Schools Act of 2014 (Rep. Cartwright – Energy and Commerce)
  3. Concur in the Senate Amendment to H.R. 316 – Collinsville Renewable Energy Production Act (Rep. Esty – Energy and Commerce)
  4. H.R. 4801 – To require the Secretary of Energy to prepare a report on the impact of thermal insulation on both energy and water use for potable hot water (Rep. Kinzinger – Energy and Commerce)
  5. S. 1044 – World War II Memorial Prayer Act (Sen. Portman – Natural Resources)
  6. H.R. 4002 – To revoke the charter of incorporation of the Miami Tribe of Oklahoma at the request of that tribe (Rep. Mullin – Natural Resources)
  7. H.R. 412 – Nashua River Wild and Scenic River Study Act (Rep. Tsongas – Natural Resources)

H.R. 4413 – Customer Protection and End User Relief Act (Rep. Lucas – Agriculture) (One Hour of Debate). H.R. 4413 would reauthorize the Commodity Futures Trading Commission (CFTC) through 2018 and make several significant changes to the way the CFTC operates as a commission and regulates derivatives and swaps under 2010’s Dodd-Frank Wall Street Reform and Consumer Protection Act.

The bill would provide certainty for non-financial derivatives end-users (such as farmers, car companies, manufacturers, and airlines) by granting an exemption from posting margin (in the form of cash or government securities) with their counterparties when entering into a swap transaction.  It would also direct the CFTC to prepare a report for the Congress examining the effect of high-frequency trading (the use of technology and computer algorithms to rapidly trade contracts) on the markets it oversees. 

The bill would require the CFTC to conduct cost-benefit analyses of new regulatory proposals, significantly increasing the CFTC’s administrative burden and negatively impacting the agency’s capacity to regulate commodities and derivatives trading.

The bill would also require the Securities and Exchange Commission (SEC) and CFTC to develop a joint approach to the regulation of derivatives trading that takes place outside the U.S. It would exempt from U.S. swap regulations derivatives transactions that are executed in any of the nine largest foreign swap markets the SEC and CFTC jointly determine that the regulatory requirements are not “broadly equivalent” to U.S. swaps requirements.

The Rule, which was adopted last week, makes in order 8 amendments, each debatable for 10 minutes, equally divided between the offeror and an opponent. The amendments are:

DeFazio Amendment. Adds one requirement to the study on high frequency trading: Whether such trading increases market volatility, including short term market swings such as the "flash crash."
Jackson-Lee Amendment #2. Requires a study on entities regulated by the Commodities Futures Trading Commission (CFTC).
DelBene/Gibson/Vargas Amendment. Ensures that the CFTC’s assessment of costs and benefits regarding rules and orders will be affirmed by a court unless that assessment is found to be an abuse of discretion.
Waters Amendment. Prohibits judicial review of any consideration by the CFTC of the costs and benefits of its rules and orders.
Moore Amendment. Strikes Section 203, and replaces it with the Sense of Congress that the CFTC is already required by law to consider costs and benefits when promulgating rules and issuing orders, and is held accountable to this requirement by courts.
Jackson-Lee Amendment #6. Preserves existing law by striking "United States Court of Appeals for the District of Columbia Circuit or the United States Court of Appeals for the circuit," and replaces with "United States District Court for the District of Columbia or the United States District Court for the district."
Fincher Amendment. Directs the Comptroller General of the United States to conduct a study of the efficiencies in leasing and rental costs at the CFTC.
Garrett Amendment. Exempts Registered Investment Companies (RlCs) that are currently registered with the Securities and Exchange Commission (SEC) under the Investment Company Act of 1940 from duplicative registration requirements with the CFTC. The SEC will continue to have full regulatory oversight and enforcement authority over RlCs. Does not remove the jurisdiction and regulatory authority that the CFTC has over all futures, options and swaps transactions that the RlCs invest in on behalf of their customers who are pensioners, retirees, and savers.

TOMORROW’S OUTLOOK
The GOP Leadership has announced the following schedule for Tuesday, June 24: The House will meet at 12:00 p.m. for legislative business. The House is expected to consider H.R. 3301 North American Energy Infrastructure Act (Rep. Upton – Energy and Commerce/Transportation and Infrastructure/Natural Resources) (Subject to a Rule). The House is also expected to consider bills under suspension of the Rules.

 
The Daily Quote

“The Export-Import Bank, which facilitates commerce between U.S. manufacturers and foreign buyers, has done little to deserve the scorn it is receiving. Among other things, it guarantees loans (at a price) for foreign buyers of U.S. wares and sells insurance to American companies dealing in risky parts of the world. By its own estimation, it is directly responsible for 205,000 American jobs and makes a small profit that allows it to send cash to the Treasury. But the institution has become a symbol for certain members of Congress and Tea Party-affiliated groups out to show that it is not just programs for the poor that they want to ax. Their goal is to block the bank's reauthorization when it comes up in September... For these and other reasons, the Ex-Im Bank plays a vital role in facilitating U.S. exports and, by extension, jobs in manufacturing. This is a position equally shared by right-leaning groups such as the Chamber of Commerce and left-leaning labor organizations.”

-    USA Today, 6/22/2014