Reports indicate that S.2244: Terrorism Risk Insurance Program Reauthorization Act of 2014 (TRIA) will not be completed this year because of an objection by retiring. Sen. Tom Coburn, R-Okla., to a provision that would have created a National Association of Registered Agents and Brokers (NARAB). The senator objected to not having a 2 year time limitation on NARAB. See the Politico story here which describes a DF / NARAB horse trading failure at the end.
This is relevant to end users who hedge their business operations with uncleared swaps because a provision championed by Jeb Hensarling was included in TRIA (see page 67 here) which would have prevented regulators from imposing margin requirements on such swaps.
While it is noted that the CFTC under Chairman Massad's leadership has been sensitive to the impact of margining on the regular business of end users in the real economy, the Prudential Regulators in their most recent proposed rulemaking regarding margining of uncleared swaps have remarkably left it up to banks to decide if their non-financial end user counterparties should be margined, see proposed regulation §§__.3(d), __.4(c) in Margin and Capital Requirements for Covered Swap Entities; Proposed Rule, 79 Fed. Reg. 57347, 57391-92 (Sep. 24, 2014).
