A bill to improve the Cotton Research and Promotion Program.

Amends the Cotton Research and Promotion Act to prohibit the Secretary of Agriculture from appointing to Cotton Board membership any person: (1) who has been convicted of any Federal or State offense carrying a penalty of imprisonment of more than one year; or (2) against whom any Federal or State agency has issued an order imposing sanctions for any violation of law relating to the buying, selling, handling, or transporting of agricultural commodities or contracts for the future delivery of such commodities.

Prohibits the use of specified funds by a specified cotton producer organization to provide information to cotton producers concerning the activities of such organization or association or the Board under such Act, unless such information is specifically requested by a producer. Limits to ten percent of its budget for any fiscal period the amount which the Board may expend to provide such information to producers. Requires the Board to provide or direct any such information to all producers, unless specifically requested by a producer.

Requires that all information with respect to refunds made to individual producers be kept confidential by all officers and employees of the Department of Agriculture and of the Board. Provides for criminal penalties and removal from office for convicted violators of such requirement.

Prohibits the use of specified information, which has not been made public and which may affect or tend to affect prices, purchases, sales, or contracts for the future delivery of cotton, in any activity relating to such purchases, sales, or contracts. Prohibits specified communications or acquisitions to further such use. Provides penalties for violations of such prohibitions.

Directs the Secretary to utilize a committee or committees of Department employees or officers with expertise in cotton marketing, production, processing and textile research, and administration, to establish guidelines governing legitimate expenditures by the cotton producer organization carrying out a program under such Act. Requires that such committee grant prior approval for all expenditures by such organization in excess of $7,500.

Directs the Secretary to take actions to ensure: (1) that the Board or the Secretary budgets, audits, and approves all funds, incomes, and expenditures of such organization; and (2) that the Board obtains ownership of all technology, patents, copyrights, and other intellectual property which has been developed, maintained, or serviced in whole or part with funds collected pursuant to such Act. Directs the Secretary to report to the appropriate committees of Congress detailing such actions and recommending legislation relating to such matters.