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HR 4612 101th Congress House Finance and Financial Sector Bankruptcy Contracts Debtor and creditor Foreign exchange Interest rates Margins (Security trading) Money Options (Contract) Trusts and trustees

To amend title 11 of the United States Code regarding swap agreements and forward contracts.

Introduced: April 25, 1990 See on congress.gov
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 Everywhere this bill has been 26 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 25, 1990
Became Public Law No: 101-311.
Jun 25, 1990
Signed by President.
Jun 13, 1990
Presented to President.
Jun 13, 1990
Measure Signed in Senate.
Jun 7, 1990
Message on Senate action sent to the House.
Jun 6, 1990
Passed Senate without amendment by Voice Vote.
Jun 6, 1990
Passed/agreed to in Senate: Passed Senate without amendment by Voice Vote.
May 18, 1990
Received in the Senate. Read twice. Placed on Senate Legislative Calendar under General Orders. Calendar No. 557.
May 15, 1990
Motion to reconsider laid on the table Agreed to without objection.
May 15, 1990
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.
May 15, 1990
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.
May 15, 1990
DEBATE - The House proceeded with forty minutes of debate.
May 15, 1990
On ordering a second Agreed to without objection.
May 15, 1990
Considered under suspension of the rules.
May 15, 1990
Mr. Fish demanded a second on the motion to suspend the rules.
May 15, 1990
Mr. Brooks moved to suspend the rules and pass the bill, as amended.
May 14, 1990
Placed on the Union Calendar, Calendar No. 298.
May 14, 1990
Reported by the Committee on Judiciary. H. Rept. 101-484. Filed late, pursuant to previous special order.
May 14, 1990
Mr. Mazzoli asked unanimous consent that the Committee on Judiciary have until 5:00 p.m. on May 14 to file a report on H.R. 4612. Agreed to without objection.
May 1, 1990
Committee Consideration and Mark-up Session Held.
May 1, 1990
Ordered to be Reported.
Apr 26, 1990
Referred to the Subcommittee on Economic and Commercial Law.
Apr 26, 1990
Subcommittee Consideration and Mark-up Session Held.
Apr 26, 1990
Forwarded by Subcommittee to Full Committee.
Apr 25, 1990
Referred to the House Committee on Judiciary.
Apr 25, 1990
Introduced in House
 Plain-English summary Congressional Research Service

Title I: Swap Agreements - Amends Federal bankruptcy law to define "swap agreement" and "swap participant."

Exempts various transactions in connection with currency swap agreements from the automatic stay triggered by the filing of a bankruptcy petition.

Prohibits the trustee in bankruptcy from avoiding any transfer made under a swap agreement before commencement of the bankruptcy case or any setoff in connection with a swap agreement if the offset is made within 90 days prior to the bankruptcy filing.

Provides that the contractual right of a nonbankrupt party to a swap agreement to terminate the agreement shall not be stayed or otherwise limited under Federal bankruptcy law or by related judicial or administrative proceedings.

Title II: Forward Contracts - Amends Federal bankruptcy law to revise the definition of "forward contract" to include commodities enumerated in the Commodity Exchange Act as well as any similar item which is presently or may in the future become the subject of dealing in the forward contract trade. Designates specified transactions within the definition of "forward contract" including repurchase and reverse repurchase transactions, options and hedge transactions. Defines margin payments and settlement payments for forward contract purposes. Exempts any set-offs involving such payments from: (1) the automatic stay provisions triggered by a bankruptcy petition; and (2) avoidance powers of the bankruptcy trustee.

Provides that a swap participant that receives a margin or settlement payment in connection with a swap agreement takes for value to the extent of such transfer (thus exempting such payments from scrutiny as to whether they are actually fair value for the amount used). Revises the scope of contract rights liquidating a forward contract to include rights not evidenced in writing, arising under common law, under merchant law, or by reason of normal business practice.

What's happening now June 25, 1990

Became Public Law No: 101-311.

 Committees of jurisdiction 2
 Cosponsors 1
All 1 Democratic 1