H.R.238 - Commodity End-User Relief Act115th Congress (2017-2018) |
|Sponsor:||Rep. Conaway, K. Michael [R-TX-11] (Introduced 01/04/2017)|
|Committees:||House - Agriculture; Financial Services | Senate - Agriculture, Nutrition, and Forestry|
|Latest Action:||Senate - 01/17/2017 Received in the Senate and Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry. (All Actions)|
|Roll Call Votes:||There have been 3 roll call votes|
This bill has the status Passed House
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Summary: H.R.238 — 115th Congress (2017-2018)All Information (Except Text)
Passed House amended (01/12/2017)
Commodity End User Relief Act
This bill reauthorizes through FY2021, and otherwise revises provisions related to, operations of the Commodity Futures Trading Commission (CFTC).
The CFTC is authorized to require that certain property of the bankruptcy estate of a commodity broker who is a debtor in Chapter 7 bankruptcy (also known as "liquidation" bankruptcy) be included in customer property to the extent that such property is insufficient to satisfy the net equity claims of the broker's public customers.
Before promulgating a regulation or issuing an order, the CFTC must publish an assessment of the costs and benefits of the action.
The heads of the CFTC's administrative units shall serve at the pleasure of the CFTC.
The bill establishes, within the CFTC, the Office of the Chief Economist.
The bill eliminates the CFTC's authority to lease space.
The bill modifies provisions related to the CFTC's Customer Protection Fund.
The duration of an omnibus order of investigation (authorizing the CFTC to issue subpoenas to multiple persons in relation to a particular subject matter area) shall not be indefinite.
The bill exempts specified entities from certain clearing requirements applicable to swaps.
With respect to swap dealer registration requirements, the bill: (1) prohibits the CFTC from modifying, except by affirmative rule or regulation, the threshold for de minimus (minor in quantity) swap dealing; (2) under certain circumstances, allows the use of specified financial models with respect to calculating capital requirements; and (3) modifies other provisions.
The bill exempts certain swap activities involving non-U.S. persons from U.S. swaps requirements.
In addition, the bill amends the Commodity Exchange Act to direct registered futures associations to require their futures commission merchant members to meet certain procedural and reporting requirements.