Commodity End-User Relief Act

Summary

Commodity End User Relief Act This bill reauthorizes through FY2021, and revises provisions related to, operations of the Commodity Futures Trading Commission (CFTC). 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. 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 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.

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Timeline

1. 4 January 2017

   Introduced

   Introduced in House

   Source: IntroReferral

2. 4 January 2017

   Introduced

   Introduced in House

   Source: IntroReferral

3. 4 January 2017

   Introduced

   Referred to the Committee on Agriculture, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

   Source: IntroReferral

4. 4 January 2017

   Introduced

   Referred to the Committee on Agriculture, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

   Source: IntroReferral

5. 10 January 2017

   Reported

   Rules Committee Resolution H. Res. 40 Reported to House. Rule provides for consideration of H.R. 78 and H.R. 238. The resolution provides for one hour of general debate on both H.R. 78 and H.R. 238. The resolution provides for suspension authority at any time on the legislative day of January 13, 2017. The resolution also provides for legislative proceedings during the period of January 16, 2017 through January 20, 2017.

   Source: Floor

6. 11 January 2017

   Passed

   Rule H. Res. 40 passed House.

   Source: Floor

7. 12 January 2017

   Passed

   Motion to reconsider laid on the table Agreed to without objection.

   Source: Floor

8. 12 January 2017

   Floor

   Rule provides for consideration of H.R. 78 and H.R. 238. The resolution provides for one hour of general debate on both H.R. 78 and H.R. 238. The resolution provides for suspension authority at any time on the legislative day of January 13, 2017. The resolution also provides for legislative proceedings during the period of January 16, 2017 through January 20, 2017.

   Source: Floor

9. 12 January 2017

   Floor

   The Speaker designated the Honorable John J. Duncan, Jr. to act as Chairman of the Committee.

   Source: Floor

10. 12 January 2017

    Floor

    House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 40 and Rule XVIII.

    Source: Floor

11. 12 January 2017

    Floor

    Considered under the provisions of rule H. Res. 40. (consideration: CR H404-428)

    Source: Floor

12. 12 January 2017

    Vote

    On passage Passed by the Yeas and Nays: 239 - 182 (Roll no. 54).

    Source: Floor

13. 12 January 2017

    Vote

    Passed/agreed to in House: On passage Passed by the Yeas and Nays: 239 - 182 (Roll no. 54).

    Source: Floor

14. 12 January 2017

    Vote

    On motion to recommit with instructions Failed by recorded vote: 190 - 235 (Roll no. 53).

    Source: Floor

15. 12 January 2017

    Floor

    The previous question on the motion to recommit with instructions was ordered without objection.

    Source: Floor

16. 12 January 2017

    Floor

    Mr. Langevin moved to recommit with instructions to the Committee on Agriculture. (text: CR H449)

    Source: Floor

17. 12 January 2017

    Passed

    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)

    Source: Floor

18. 12 January 2017

    Floor

    The previous question was ordered pursuant to the rule.

    Source: Floor

19. 12 January 2017

    Floor

    The House rose from the Committee of the Whole House on the state of the Union to report H.R. 238.

    Source: Floor

20. 12 January 2017

    Floor

    The House resolved into Committee of the Whole House on the state of the Union for further consideration.

    Source: Floor

21. 12 January 2017

    Floor

    Committee of the Whole House on the state of the Union rises leaving H.R. 238 as unfinished business.

    Source: Floor

22. 12 January 2017

    Passed

    On motion that the committee rise Agreed to by voice vote.

    Source: Floor

23. 12 January 2017

    Floor

    Mr. Conaway moved that the committee rise.

    Source: Floor

24. 17 January 2017

    Introduced

    Received in the Senate and Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.

    Source: IntroReferral

Votes

Versions

• Referred in Senate · 17 January 2017 · Download file
• Engrossed in House · 12 January 2017 · Download file
• Introduced in House · 4 January 2017 · Download file

Documents

8 official files

• Referred in Senate (text)

  Referred in Senate · EN · 17 January 2017

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• Referred in Senate (PDF)

  Referred in Senate · EN · 17 January 2017

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• Engrossed in House (text)

  Engrossed in House · EN · 12 January 2017

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• Engrossed in House (PDF)

  Engrossed in House · EN · 12 January 2017

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• Passed House amended

  summary · EN · 12 January 2017

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• Introduced in House (text)

  Introduced in House · EN · 4 January 2017

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• Introduced in House (PDF)

  Introduced in House · EN · 4 January 2017

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• Introduced in House

  summary · EN · 4 January 2017

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Sponsors

• Rep. Conaway, K. Michael [R-TX-11] · R · Sponsor
• Rep. Scott, Austin [R-GA-8] · R · Sponsor
• Rep. Sessions, Pete [R-TX-17] · R · Sponsor
• David Scott · D · Sponsor
• · ssaf00 · Standing
• · hsba00 · Standing
• · hsag00 · Standing

Related records

• related to ← Providing for consideration of the bill (H.R. 78) to improve the consideration by the Securities and Exchange Commission of the costs and benefits of its regulations and orders; providing for consideration of the bill (H.R. 238) 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; and for other purposes.
• related to ← Protection of Source Code Act
• amends ← Amendment modifies the Commodity Exchange Act to give the Commodity Futures Trading Commission authority to designate other agencies to manage its leases.
• amends ← Amendment reforms the Customer Protection Fund at the CFTC to modify the size of the fund, annual expenditures from the fund and return excess balance to the Treasury.
• amends ← Amendment makes technical and conforming changes to the bill.
• amends ← Amendment makes clear that the Commission may impose and implement position limits as it finds necessary, provided the Commission makes a finding prior to imposing such limits. It makes no changes to the longstanding federal position limits regime for the enumerated agricultural commodities or the existing statutory requirements that Designated Contract Markets impose position limits or accountability levels on all contracts.
• amends ← Amendment prohibits the CFTC from compelling the production of algorithmic trading source code and similar intellectual property unless it has issued a subpoena.
• amends ← Amendment prevents a situation in which an end-user loses its ability to rely on the end-user exception to the clearing requirement due simply to the positive performance of transactions entered into solely to mitigate the prospect of falling revenues and asset values.

Showing 8 of 10 related records.