H.R.316 - Futures Investor Protection Act115th Congress (2017-2018)
|Sponsor:||Rep. Capuano, Michael E. [D-MA-7] (Introduced 01/05/2017)|
|Committees:||House - Agriculture|
|Latest Action:||House - 01/26/2017 Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit. (All Actions)|
This bill has the status Introduced
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Summary: H.R.316 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in House (01/05/2017)
Futures Investor Protection Act
This bill establishes the Futures Investor Protection Corporation (FIPC) as a nonprofit membership corporation for all futures commission merchants registered with the Commodity Futures Trading Commission (CFTC). In general, the FIPC's powers and duties shall mirror those of the Security Investors Protection Corporation (the nonprofit membership corporation for registered broker-dealers).
In addition, the bill amends the Commodity Exchange Act to establish suitability rules with respect to recommendations by a futures commission merchant to a customer.
The CFTC must review certain guidelines regarding proof of claims, as specified by the bill.