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on a registered entity or trading facility that is not owned or operated by a regional transmission organiza- tion or independent system operator (as defined by sections 3(27) and (28) of the Federal Power Act (16 U.S.C. 796(27), 796(28)).’’. (f) PUBLIC INTEREST WAIVER.—Section 4(c) of the Commodity Exchange Act (7 U.S.C. 6(c)) (as amended by section 721(d)) is amended by adding at the end the following: ‘‘(6) If the Commission determines that the exemption would be consistent with the public interest and the purposes of this Act, the Commission shall, in accordance with para- graphs (1) and (2), exempt from the requirements of this Act an agreement, contract, or transaction that is entered into— ‘‘(A) pursuant to a tariff or rate schedule approved or permitted to take effect by the Federal Energy Regu- latory Commission; ‘‘(B) pursuant to a tariff or rate schedule establishing rates or charges for, or protocols governing, the sale of electric energy approved or permitted to take effect by the regulatory authority of the State or municipality having jurisdiction to regulate rates and charges for the sale of electric energy within the State or municipality; or ‘‘(C) between entities described in section 201(f) of the Federal Power Act (16 U.S.C. 824(f)).’’. 15 USC 8322. (g) AUTHORITY OF FERC.—Nothing in the Wall Street Trans- parency and Accountability Act of 2010 or the amendments to the Commodity Exchange Act made by such Act shall limit or affect any statutory enforcement authority of the Federal Energy Regulatory Commission pursuant to section 222 of the Federal Power Act and section 4A of the Natural Gas Act that existed prior to the date of enactment of the Wall Street Transparency and Accountability Act of 2010. (h) DETERMINATION.—The Commodity Exchange Act is amended by inserting after section 1a (7 U.S.C. 1a) the following:

7 USC 1b. ‘‘SEC. 1b. REQUIREMENTS OF SECRETARY OF THE TREASURY
REGARDING EXEMPTION OF FOREIGN EXCHANGE SWAPS
AND FOREIGN EXCHANGE FORWARDS FROM DEFINITION
OF THE TERM ‘SWAP’.
‘‘(a) REQUIRED CONSIDERATIONS.—In determining whether to
exempt foreign exchange swaps and foreign exchange forwards from
the definition of the term ‘swap’, the Secretary of the Treasury
(referred to in this section as the ‘Secretary’) shall consider—
‘‘(1) whether the required trading and clearing of foreign
exchange swaps and foreign exchange forwards would create
systemic risk, lower transparency, or threaten the financial
stability of the United States;
‘‘(2) whether foreign exchange swaps and foreign exchange
forwards are already subject to a regulatory scheme that is
materially comparable to that established by this Act for other
classes of swaps;
‘‘(3) the extent to which bank regulators of participants
in the foreign exchange market provide adequate supervision,

LAWS including capital and margin requirements; ‘‘(4) the extent of adequate payment and settlement sys- tems; andPUBLIC with on anorris VerDate Nov 24 2008 15:19 Aug 04, 2010 Jkt 089139 PO 00203 Frm 00300 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 APPS06 PsN: PUBL203