Promoting Job Creation and Reducing Small Business Burdens Act

Sponsor: Michael Fitzpatrick (R-PA)

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.) Promoting Job Creation and Reducing Small Business Burdens Act TITLE I--BUSINESS RISK MITIGATION AND PRICE STABILIZATION ACT (Sec. 101) This bill amends the Commodity Exchange Act (CEA) to exempt, from prudential rules for swap dealers and major swap participants with respect to initial and variation margin requirements for swaps not cleared by a registered derivatives clearing organization, those swaps in which one of the counterparties: (1) is eligible for an exception from clearing requirements because it is not a financial entity, uses swaps to hedge or mitigate commercial risk, and notifies the Commodity Futures Trading Commission (CFTC) how it meets financial obligations associated with entering into non-cleared swaps; or (2) satisfies specified criteria governing treatment of affiliates in connection with clearing requirements. Amends the Securities Exchange Act of 1934 (SEA 1934), regarding registration and regulation of security-based swap dealers and major security-based swap participants, to exempt from initial and variation margin requirements for swaps not cleared by a registered derivatives clearing organization a security-based swap in which one of the counterparties: (1) qualifies for a specified exception from clearing requirements, or (2) satisfies certain criteria governing the treatment of affiliates.

Finance and Financial Sector Topic assigned by the Congressional Research Service.