To reauthorize the Commodity Futures Trading Commission, to better protect futures customers, to provide end-users with market certainty, to make basic reforms to ensure transparency and accountability at the Commission, to help farmers, ranchers, and end-users manage risks, to help keep consumer costs low, and for other purposes.
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.
Motion to reconsider laid on the table Agreed to without objection.
Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
DEBATE - Pursuant to the provisions of H. Res. 40, the Committee of the Whole proceeded with 10 minutes of debate on the LaMalfa Part B amendment No. 6.
DEBATE - Pursuant to the provisions of H. Res. 40, the Committee of the Whole proceeded with 10 minutes of debate on the Lucas Part B amendment No. 7.
DEBATE - Pursuant to the provisions of H. Res. 40, the Committee of the Whole proceeded with 10 minutes of debate on the Hartzler Part B amendment No. 8.
Mr. Conaway moved that the committee rise.
On motion that the committee rise Agreed to by voice vote.
Committee of the Whole House on the state of the Union rises leaving H.R. 238 as unfinished business.
Considered as unfinished business. (consideration: CR H450-451)
The House resolved into Committee of the Whole House on the state of the Union for further consideration.
UNFINISHED BUSINESS - The Chair announced that the unfinished business was on adoption of amendments which were debated earlier an on which further proceedings had been postponed.
The House rose from the Committee of the Whole House on the state of the Union to report H.R. 238.
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The previous question was ordered pursuant to the rule.
The House adopted the amendment in the nature of a substitute as agreed to by the Committee of the Whole House on the state of the Union. (text of amendment in the nature of a substitute: CR H414-421)
Mr. Langevin moved to recommit with instructions to the Committee on Agriculture. (text: CR H449)
DEBATE - The House proceeded with 10 minutes of debate on the motion to recommit with instructions. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment to insert language prohibiting the Commission from considering the swaps regulatory requirements of a foreign jurisdiction if that jurisdiction has been found by the Commission, in consultation with the Director of National Intelligence, to have engaged in cyber-attacks targeting any election held in the United States.
The previous question on the motion to recommit with instructions was ordered without objection.
On motion to recommit with instructions Failed by recorded vote: 190 - 235 (Roll no. 53).
Roll Call #53 (House)Passed/agreed to in House: On passage Passed by the Yeas and Nays: 239 - 182 (Roll no. 54).
Roll Call #54 (House)On passage Passed by the Yeas and Nays: 239 - 182 (Roll no. 54).
Roll Call #54 (House)Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.