Section 1 Short title
This Act may be cited as the “Expanding Possibilities and Opportunities to Reinvigorate Trade Act of 2022” or the “EXPORT Act of 2022”.
Expanding Possibilities and Opportunities to Reinvigorate Trade Act of 2022
A BILL
To amend the Commodity Exchange Act to exempt certain small companies that utilize foreign exchange from certain capital and margin requirements in order to enhance opportunities for small businesses to improve trade and export markets, and for other purposes.
Sec. 2 Applicability of capital and margin requirements to counterparties
Section 4s(e)(4) of the Commodity Exchange Act (7 U.S.C. 6s(e)(4)) is amended—
by striking “counterparty qualifies” and inserting the following:
“(A) qualifies”
by striking the period at the end and inserting “; or”; and
by adding at the end the following:
“(B) is a money transmitter (as defined in section 1010.100(ff)(5) of title 31, Code of Federal Regulations, or any successor regulation) that—
“(i) is regulated by a State, the District of Columbia, or a territory or possession of the United States for financial adequacy;
“(ii) is registered in accordance with section 1022.380 of title 31, Code of Federal Regulations, or any successor regulation;
“(iii) enters only into swaps exclusively for the purpose of offsetting risks generated from foreign currency contracts with an entity that is not a financial end user (as defined in section 23.151 of title 17, Code of Federal Regulations, or any successor regulation); and
“(iv) has total assets of $1,000,000,000 or less on the last day of its most recent fiscal year.”