Section 1 Short title
This Act may be cited as the “Small Business Credit Availability Act”.
Small Business Credit Availability Act
A BILL
To ensure small businesses in rural America have access to credit to promote economic growth and job creation, and for other purposes.
Sec. 2 Exclusions from financial entity definition
Section 2(h)(7)(C)(ii) of the Commodity Exchange Act (7 U.S.C. 2(h)(7)(C)(ii)) is amended to read as follows:
“(ii) Exclusion—Such definition shall not include an entity that is a small bank, savings association, farm credit system institution, non-profit cooperative lender controlled by electric cooperatives, or credit union if the aggregate uncollateralized outward exposure plus aggregate potential outward exposure of the entity with respect to its swaps does not exceed $1,000,000,000.”
Sec. 3 Effective date
The amendment made by this Act shall take effect as if it had been included in subtitle A of title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Sec. 4 Implementation
The amendment made by this Act shall be implemented—
without regard to—
chapter 35 of title 44, United States Code; and
the notice and comment provisions of section 553 of title 5, United States Code;
through the promulgation of an interim final rule, pursuant to which public comment will be sought before a final rule is issued, and
such that paragraph (1) shall apply solely to changes to rules and regulations, or proposed rules and regulations, that are limited to and directly a consequence of such amendments.