A bill to extend the Commodity Exchange Act, as amended, for 4 years.

(Measure laid on table in House, S. 2391 passed in lieu)

Amends the Commodity Exchange Act to: (1) extend the Commodity Futures Trading Commission through fiscal year 1981; (2) exclude from the definition of commodity trading advisor any dealers of cash commodities and products thereof; (3) provide for appointment of the Commission Chairman by the President, to serve at the President's pleasure; and (4) subject the use and expenditure of funds by the Chairman to the budget categories, plans, and priorities established by the Commission.

Prohibits any Commissioner or employee of the Commission in a confidential or policymaking position at or above the GS-16 level from making any appearance before, or communication to the Commission on behalf of any person on any particular matter before the Commission for the period of a year following his or her last day of service.

Requires the Commission to maintain communications with the Department of Treasury, the Board of Governors of the Federal Reserve System, and the Securities and Exchange Commission to: (1) keep such agencies fully informed of Commission activities that relate to their responsibilities; (2) seek the views of those agencies for such activities; and (3) consider the relationships between the volume and nature of investment and trading in futures contracts under the jurisdiction of the Commission and in securities and/or financial instruments under the jurisdiction of such agencies.

Sets forth the procedure for designating a board of trade as a contract market.

Prohibits any person from engaging in commodity option transactions without express permission from the Commission. Limits the Commission's authority to permit certain dealer options to a period not to exceed nine months. Subjects all proposed rules and regulations governing options trading to the veto prerogative of either House of Congress.

Authorizes the Commissioner to permit futures commission merchants to commingle customers' segregated funds for different classes of transactions subject to such terms and conditions as the Commission may prescribe.

Allows the registration of Commission merchants and floor brokers to extend beyond December 31st and to expire not earlier than one year from the date of issuance.

Extends to six months the time during which the Commission must act on the application for registration of any commodity trading advisor or commodity pool operator.

Applies the anti-fraud provisions of such Act to all advisors and pool operators regardless of whether they are registered or not.

Requires the Commission, at least 30 days before approving rules and regulations of economic significance submitted by contract markets for their own governance, to publish such proposed rules in the Federal Register. Extends the time in which the Commission must determine such approvals to 60 days.

Requires a hearing on the record for: (1) refusal, suspension, or revocation of contract market designations; (2) cease and desist orders; and (3) imposition of civil penalties. Grants subpena power to members of the Commission and any Administrative Law Judge or other officer designated by them.

Grants concurrent jurisdiction to State agencies or officials to investigate or prosecute civil violations of such Act committed by any persons or organizations other than a designated contract market or a board of trade licensed by the Commission.

Prohibits the Commission from making public disclosure of any data or information which would separately disclose the market positions, business transactions, trade secrets or names of customers not previously disclosed publicly in a judicial or congressional proceeding, or in an administrative proceeding pursuant to the Commodity Exchange Act, as amended.

Requires the Comptroller General to conduct a study of the marketing and futures trading of Irish potatoes.

Authorizes the Commission to require fingerprinting of applicants for registration as Commission merchants or associates.

Increases the maximum penalty for a felony violation of the Commodity Exchange Act to $500,000 for organizations.

Increases from $2,500 to $5,000 the amount of damages that may be claimed in complaints that may be adjusted without a hearing.

Authorizes to be appropriated to carry out the provisions of this Act such sums as may be required for fiscal year 1981.

Authorizes the Commission to approve rules of futures associations that, directly or indirectly, require persons eligible for membership in such associations to become members of at least one such association, if the Commission determines that such rules are necessary or appropriate.

Requires the reporting of export sales of commodities to the Commission within 48 hours. Requires the Commission to make such information public.