Summary: H.R.5490 — 113th Congress (2013-2014)All Information (Except Text)

There is one summary for H.R.5490. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (09/16/2014)

Wall Street Accountability Through Sustainable Funding Act - Amends the Commodity Exchange Act to require the Commodity Futures Trading Commission (CFTC) to impose fees to recover the cost of the appropriation to the CFTC for the fiscal year.

Requires the fees to be imposed on each agreement, contract, or transaction that is a contract of sale of a commodity for future delivery, an option, or a swap.

Permits the CFTC to exempt contracts, agreements, or transactions from the fee if the exemption is consistent with: (1) the public interest; (2) the equal treatment of contract markets, derivatives clearing organizations, and market participants; and (3) the operation of a nationwide market system.

Establishes the Commodity Futures Trading Commission Reserve Fund in the Treasury and requires the CFTC to impose and collect an additional fee to be deposited into the Fund. Permits the CFTC to obligate amounts in the Fund for long-term investments in information technology and unexpected expenses. Limits the balance in the Fund to $50 million.