To amend title 11 of the United States Code, the bankruptcy code, regarding swap agreements.

Amends Federal bankruptcy law to define "swap agreement" and "swap participant."

Exempts various transactions in connection with interest rate and currency swap agreements from the automatic stay triggered by the filing of a bankruptcy petition.

Prohibits the trustee in bankruptcy from avoiding any transfer made under a swap agreement before commencement of the bankruptcy case or any setoff in connection with a swap agreement if the offset is made within 90 days prior to the bankruptcy filing.

Provides that the contractual right of a nonbankrupt party to a swap agreement to terminate the agreement shall not be stayed or otherwise limited under Federal bankruptcy law or by related judicial or administrative proceedings.