Authorizing Statute (new statute)

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period the following: ‘‘, other than credit card loans that are made
to businesses that meet the criteria for a small business concern
to be eligible for business loans under regulations established by
the Small Business Administration under part 121 of title 13,
Code of Federal Regulations’’.

TITLE VII—WALL STREET
TRANSPARENCY AND ACCOUNTABILITY
SEC. 701. SHORT TITLE.

This title may be cited as the ‘‘Wall Street Transparency and
Accountability Act of 2010’’.

Subtitle A—Regulation of Over-theCounter Swaps Markets
PART I—REGULATORY AUTHORITY
SEC. 711. DEFINITIONS.

In this subtitle, the terms ‘‘prudential regulator’’, ‘‘swap’’, ‘‘swap
dealer’’, ‘‘major swap participant’’, ‘‘swap data repository’’, ‘‘associated person of a swap dealer or major swap participant’’, ‘‘eligible
contract participant’’, ‘‘swap execution facility’’, ‘‘security-based
swap’’, ‘‘security-based swap dealer’’, ‘‘major security-based swap
participant’’, and ‘‘associated person of a security-based swap dealer
or major security-based swap participant’’ have the meanings given
the terms in section 1a of the Commodity Exchange Act (7 U.S.C.
1a), including any modification of the meanings under section 721(b)
of this Act.
SEC. 712. REVIEW OF REGULATORY AUTHORITY.

(a) CONSULTATION.—
(1) COMMODITY FUTURES TRADING COMMISSION.—Before
commencing any rulemaking or issuing an order regarding
swaps, swap dealers, major swap participants, swap data
repositories, derivative clearing organizations with regard to
swaps, persons associated with a swap dealer or major swap
participant, eligible contract participants, or swap execution
facilities pursuant to this subtitle, the Commodity Futures
Trading Commission shall consult and coordinate to the extent
possible with the Securities and Exchange Commission and
the prudential regulators for the purposes of assuring regulatory consistency and comparability, to the extent possible.
(2) SECURITIES AND EXCHANGE COMMISSION.—Before commencing any rulemaking or issuing an order regarding securitybased swaps, security-based swap dealers, major security-based
swap participants, security-based swap data repositories,
clearing agencies with regard to security-based swaps, persons
associated with a security-based swap dealer or major securitybased swap participant, eligible contract participants with
regard to security-based swaps, or security-based swap execution facilities pursuant to subtitle B, the Securities and
Exchange Commission shall consult and coordinate to the

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extent possible with the Commodity Futures Trading Commission and the prudential regulators for the purposes of assuring
regulatory consistency and comparability, to the extent possible.
(3) PROCEDURES AND DEADLINE.—Such regulations shall
be prescribed in accordance with applicable requirements of
title 5, United States Code, and shall be issued in final form
not later than 360 days after the date of enactment of this
Act.
(4) APPLICABILITY.—The requirements of paragraphs (1)
and (2) shall not apply to an order issued—
(A) in connection with or arising from a violation or
potential violation of any provision of the Commodity
Exchange Act (7 U.S.C. 1 et seq.);
(B) in connection with or arising from a violation or
potential violation of any provision of the securities laws;
or
(C) in any proceeding that is conducted on the record
in accordance with sections 556 and 557 of title 5, United
States Code.
(5) EFFECT.—Nothing in this subsection authorizes any
consultation or procedure for consultation that is not consistent
with the requirements of subchapter II of chapter 5, and chapter
7, of title 5, United States Code (commonly known as the
‘‘Administrative Procedure Act’’).
(6) RULES; ORDERS.—In developing and promulgating rules
or orders pursuant to this subsection, each Commission shall
consider the views of the prudential regulators.
(7) TREATMENT OF SIMILAR PRODUCTS AND ENTITIES.—
(A) IN GENERAL.—In adopting rules and orders under
this subsection, the Commodity Futures Trading Commission and the Securities and Exchange Commission shall
treat functionally or economically similar products or entities described in paragraphs (1) and (2) in a similar
manner.
(B) EFFECT.—Nothing in this subtitle requires the
Commodity Futures Trading Commission or the Securities
and Exchange Commission to adopt joint rules or orders
that treat functionally or economically similar products
or entities described in paragraphs (1) and (2) in an identical manner.
(8) MIXED SWAPS.—The Commodity Futures Trading
Commission and the Securities and Exchange Commission,
after consultation with the Board of Governors, shall jointly
prescribe such regulations regarding mixed swaps, as described
in section 1a(47)(D) of the Commodity Exchange Act (7 U.S.C.
1a(47)(D)) and in section 3(a)(68)(D) of the Securities Exchange
Act of 1934 (15 U.S.C. 78c(a)(68)(D)), as may be necessary
to carry out the purposes of this title.
(b) LIMITATION.—
(1) COMMODITY FUTURES TRADING COMMISSION.—Nothing
in this title, unless specifically provided, confers jurisdiction
on the Commodity Futures Trading Commission to issue a
rule, regulation, or order providing for oversight or regulation
of—
(A) security-based swaps; or
(B) with regard to its activities or functions concerning
security-based swaps—

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(i) security-based swap dealers;
(ii) major security-based swap participants;
(iii) security-based swap data repositories;
(iv) associated persons of a security-based swap
dealer or major security-based swap participant;
(v) eligible contract participants with respect to
security-based swaps; or
(vi) swap execution facilities with respect to security-based swaps.
(2) SECURITIES AND EXCHANGE COMMISSION.—Nothing in
this title, unless specifically provided, confers jurisdiction on
the Securities and Exchange Commission or State securities
regulators to issue a rule, regulation, or order providing for
oversight or regulation of—
(A) swaps; or
(B) with regard to its activities or functions concerning
swaps—
(i) swap dealers;
(ii) major swap participants;
(iii) swap data repositories;
(iv) persons associated with a swap dealer or major
swap participant;
(v) eligible contract participants with respect to
swaps; or
(vi) swap execution facilities with respect to swaps.
(3) PROHIBITION ON CERTAIN FUTURES ASSOCIATIONS AND
NATIONAL SECURITIES ASSOCIATIONS.—
(A) FUTURES ASSOCIATIONS.—Notwithstanding any
other provision of law (including regulations), unless otherwise authorized by this title, no futures association registered under section 17 of the Commodity Exchange Act
(7 U.S.C. 21) may issue a rule, regulation, or order for
the oversight or regulation of, or otherwise assert jurisdiction over, for any purpose, any security-based swap, except
that this subparagraph shall not limit the authority of
a registered futures association to examine for compliance
with, and enforce, its rules on capital adequacy.
(B) NATIONAL SECURITIES ASSOCIATIONS.—Notwithstanding any other provision of law (including regulations),
unless otherwise authorized by this title, no national securities association registered under section 15A of the Securities Exchange Act of 1934 (15 U.S.C. 78o–3) may issue
a rule, regulation, or order for the oversight or regulation
of, or otherwise assert jurisdiction over, for any purpose,
any swap, except that this subparagraph shall not limit
the authority of a national securities association to examine
for compliance with, and enforce, its rules on capital adequacy.
(c) OBJECTION TO COMMISSION REGULATION.—
(1) FILING OF PETITION FOR REVIEW.—
(A) IN GENERAL.—If either Commission referred to in
this section determines that a final rule, regulation, or
order of the other Commission conflicts with subsection
(a)(7) or (b), then the complaining Commission may obtain
review of the final rule, regulation, or order in the United
States Court of Appeals for the District of Columbia Circuit
by filing in the court, not later than 60 days after the

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date of publication of the final rule, regulation, or order,
a written petition requesting that the rule, regulation, or
order be set aside.
(B) EXPEDITED PROCEEDING.—A proceeding described
in subparagraph (A) shall be expedited by the United States
Court of Appeals for the District of Columbia Circuit.
(2) TRANSMITTAL OF PETITION AND RECORD.—
(A) IN GENERAL.—A copy of a petition described in
paragraph (1) shall be transmitted not later than 1 business
day after the date of filing by the complaining Commission
to the Secretary of the responding Commission.
(B) DUTY OF RESPONDING COMMISSION.—On receipt of
the copy of a petition described in paragraph (1), the
responding Commission shall file with the United States
Court of Appeals for the District of Columbia Circuit—
(i) a copy of the rule, regulation, or order under
review (including any documents referred to therein);
and
(ii) any other materials prescribed by the United
States Court of Appeals for the District of Columbia
Circuit.
(3) STANDARD OF REVIEW.—The United States Court of
Appeals for the District of Columbia Circuit shall—
(A) give deference to the views of neither Commission;
and
(B) determine to affirm or set aside a rule, regulation,
or order of the responding Commission under this subsection, based on the determination of the court as to
whether the rule, regulation, or order is in conflict with
subsection (a)(7) or (b), as applicable.
(4) JUDICIAL STAY.—The filing of a petition by the complaining Commission pursuant to paragraph (1) shall operate
as a stay of the rule, regulation, or order until the date on
which the determination of the United States Court of Appeals
for the District of Columbia Circuit is final (including any
appeal of the determination).
(d) JOINT RULEMAKING.—
(1) IN GENERAL.—Notwithstanding any other provision of
this title and subsections (b) and (c), the Commodity Futures
Trading Commission and the Securities and Exchange Commission, in consultation with the Board of Governors, shall further
define the terms ‘‘swap’’, ‘‘security-based swap’’, ‘‘swap dealer’’,
‘‘security-based swap dealer’’, ‘‘major swap participant’’, ‘‘major
security-based swap participant’’, ‘‘eligible contract participant’’,
and ‘‘security-based swap agreement’’ in section 1a(47)(A)(v)
of the Commodity Exchange Act (7 U.S.C. 1a(47)(A)(v)) and
section 3(a)(78) of the Securities Exchange Act of 1934 (15
U.S.C. 78c(a)(78)).
(2) AUTHORITY OF THE COMMISSIONS.—
(A) IN GENERAL.—Notwithstanding any other provision
of this title, the Commodity Futures Trading Commission
and the Securities and Exchange Commission, in consultation with the Board of Governors, shall jointly adopt such
other rules regarding such definitions as the Commodity
Futures Trading Commission and the Securities and