Congressional Budget Office Cost Estimate: H.R. 1256: Swap Jurisdiction Certainty Act [open pdf - 17KB]
"H.R. 1256 would require the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) to jointly issue rules that define the application of United States regulations to swap transactions undertaken between a U.S. entity and a foreign entity. (A swap is a contract that calls for the exchange of cash between two participants based on an underlying rate or index or the performance of an asset.) Foreign participants in such transactions that are in compliance with the swap requirements of a country that is a member of the Group of Twenty Finance Ministers and Central Bank Governors (G20-member nation) would be exempt from the new requirements under certain conditions. Based on information from the agencies, CBO [Congressional Budget Office] expects that implementing H.R. 1256 would require the CFTC and the SEC to develop the new rules and review the regulations of G20-member nations to determine whether exemptions would apply."
Congressional Budget Office: http://www.cbo.gov/