Commodity Futures Improvements Act of 1989

Summary

Commodity Futures Improvements Act of 1989 - Title I: Limitations on Certain Trading Practices - Amends the Commodity Exchange Act to prohibit dual trading by a floor broker in any contract market in which the Commodity Futures Trading Commission (CFTC) has determined the average daily trading volume to equal or exceed a threshold trading level. Exempts a board of trade from such prohibition if it can show adequate trading violation surveillance (audit trails). Limits trading among members of broker associations. Title II: Enhancement of Regulatory and Enforcement Activities - Sets forth audit trail requirements, including one-minute transaction recording. Prohibits a person who has solicited a new account by telephone from entering any orders for such account for three days after the customer has signed any contract and a risk disclosure statement. Continues CFTC authority to conduct undercover enforcement operations. Establishes CFTC contract market disciplinary committees. Provides for public representation on contract market governing boards. Requires floor trader registration. Revises provisions regarding: (1) registration; and (2) enforcement of money penalties. Requires ethics training for new registrants. Provides for nationwide service of process and venue in U.S. district courts. Title III: Assistance to Foreign Futures Authorities - Provides for cooperation with foreign futures authorities (as defined by this Act) with regard to: (1) subpoena authority; (2) investigative assistance; and (3) information disclosure and receipt. Title IV: Authorization of Appropriations; Effective Date - Authorizes FY 1990 and 1991 appropriations. Makes the provisions of this Act effective upon enactment.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 12 July 1989

   Introduced

   Referred to the House Committee on Agriculture.

   Source: IntroReferral

2. 12 July 1989

   Introduced

   Introduced in House

   Source: IntroReferral

3. 12 July 1989

   Introduced

   Introduced in House

   Source: IntroReferral

4. 17 July 1989

   Referred

   Referred to the Subcommittee on Conservation Credit and Rural Development.

   Source: Committee

5. 17 July 1989

   Committee

   Executive Comment Requested from.

   Source: Committee

6. 18 July 1989

   Committee

   Subcommittee Hearings Held.

   Source: Committee

7. 20 July 1989

   Committee

   Subcommittee Hearings Held.

   Source: Committee

8. 25 July 1989

   Committee

   Executive Comment Received from Justice.

   Source: Committee

9. 27 July 1989

   Committee

   Forwarded by Subcommittee to Full Committee (Amended).

   Source: Committee

10. 27 July 1989

    Committee

    Subcommittee Consideration and Mark-up Session Held.

    Source: Committee

11. 31 July 1989

    Committee

    Executive Comment Received from Commodity Futures Trading Com.

    Source: Committee

12. 2 August 1989

    Committee

    Committee Consideration and Mark-up Session Held.

    Source: Committee

13. 2 August 1989

    Reported

    Ordered to be Reported (Amended).

    Source: Committee

14. 7 September 1989

    Calendars

    Placed on the Union Calendar, Calendar No. 147.

    Source: Calendars

15. 7 September 1989

    Reported

    Rules Committee Resolution H. Res. 235 Reported to House. Rule provides for consideration of H.R. 2869 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. It shall be in order to consider the amendment in the nature of a substitute recommended by the Committee on Agriculture now printed in the bill as an original bill for the purpose of amendment under the five-minute rule. Measure will be considered read. Bill is open to amendments. It shall be in order to consider the amendment printed in the report of the Committee on Rules accompanying this resolution, if offered by Mr. de la Garza or his designee.

    Source: Floor

16. 7 September 1989

    Passed

    Mr. de la Garza asked unanimous consent that the Committee on Agriculture have until midnight on Sept. 7 to file a report on H.R. 2869. Agreed to without objection.

    Source: Committee

17. 7 September 1989

    Reported

    Reported (Amended) by the Committee on Agriculture. H. Rept. 101-236.

    Source: Committee

18. 7 September 1989

    Reported

    Reported (Amended) by the Committee on Agriculture. H. Rept. 101-236.

    Source: Committee

19. 12 September 1989

    Committee

    Favorable Excutive Comment Received from Justice.

    Source: Committee

20. 13 September 1989

    Floor

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

    Source: Floor

21. 13 September 1989

    Floor

    Considered under the provisions of rule H. Res. 235.

    Source: Floor

22. 13 September 1989

    Floor

    Committee of the Whole House on the state of the Union rises leaving H.R. 2869 as unfinished business.

    Source: Floor

23. 13 September 1989

    Floor

    The Speaker designated the Honorable Lawrence J. Smith to act as Chairman of the Committee.

    Source: Floor

24. 13 September 1989

    Passed

    Rule H. Res. 235 passed House.

    Source: Floor

25. 13 September 1989

    Passed

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

    Source: Floor

26. 13 September 1989

    Passed

    The title of the measure was amended. Agreed to without objection.

    Source: Floor

27. 13 September 1989

    Floor

    Rule provides for consideration of H.R. 2869 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. It shall be in order to consider the amendment in the nature of a substitute recommended by the Committee on Agriculture now printed in the bill as an original bill for the purpose of amendment under the five-minute rule. Measure will be considered read. Bill is open to amendments. It shall be in order to consider the amendment printed in the report of the Committee on Rules accompanying this resolution, if offered by Mr. de la Garza or his designee.

    Source: Floor

28. 13 September 1989

    Vote

    On passage Passed by the Yeas and Nays: 420 - 0 (Roll no. 228).

    Source: Floor

29. 13 September 1989

    Vote

    Passed/agreed to in House: On passage Passed by the Yeas and Nays: 420 - 0 (Roll no. 228).

    Source: Floor

30. 13 September 1989

    Passed

    The House adopted the amendment as agreed to by the Committee of the Whole House on the state of the Union.

    Source: Floor

31. 13 September 1989

    Floor

    The previous question was ordered pursuant to the rule.

    Source: Floor

32. 13 September 1989

    Floor

    The House rose from the Committee of the Whole House on the state of the Union to report H.R. 2869.

    Source: Floor

33. 13 September 1989

    Floor

    House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 235 and Rule XXIII.

    Source: Floor

34. 18 September 1989

    Introduced

    Received in the Senate and read twice and referred to the Committee on Agriculture.

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Engrossed in House · — · Download file
• Introduced in House · — · Download file
• Referred in Senate · — · Download file
• Reported in House · — · Download file

Documents

6 official files

• Reported in House (text)

  Reported in House · EN

  ViewDownloadOpen at official source

• Referred in Senate (text)

  Referred in Senate · EN

  ViewDownloadOpen at official source

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• Introduced in House (text)

  Introduced in House · EN

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• Engrossed in House (text)

  Engrossed in House · EN

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  Vertaal document

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• Passed House amended

  summary · EN · 13 September 1989

  Open at official source

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  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

• Introduced in House

  summary · EN · 12 July 1989

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

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Sponsors

• Rep. English, Glenn [D-OK-6] · D · Sponsor
• Rep. Coleman, E. Thomas [R-MO-6] · R · Sponsor
• Rep. Penny, Timothy J. [D-MN-1] · D · Sponsor
• Rep. Shays, Christopher [R-CT-4] · R · Cosponsor
• Rep. Grandy, Fred [R-IA-6] · R · Cosponsor
• Rep. Harris, Claude [D-AL-7] · D · Cosponsor
• Rep. Sarpalius, Bill [D-TX-13] · D · Cosponsor
• Rep. Long, Jill L. [D-IN-4] · D · Cosponsor
• Rep. de la Garza, E. [D-TX-15] · D · Cosponsor
• Rep. Brown, George E., Jr. [D-CA-42] · D · Cosponsor
• Rep. Rose, Charlie [D-NC-7] · D · Cosponsor
• Rep. Huckaby, Thomas J. (Jerry) [D-LA-5] · D · Cosponsor
• Rep. Glickman, Dan [D-KS-4] · D · Cosponsor
• Rep. Stenholm, Charles W. [D-TX-17] · D · Cosponsor
• Rep. Volkmer, Harold L. [D-MO-9] · D · Cosponsor
• Rep. Hatcher, Charles [D-GA-2] · D · Cosponsor
• Rep. Tallon, Robert M. (Robin) [D-SC-6] · D · Cosponsor
• Rep. Staggers, Harley O., Jr. [D-WV-2] · D · Cosponsor
• Rep. Olin, James R. [D-VA-6] · D · Cosponsor
• Rep. Stallings, Richard H. [D-ID-2] · D · Cosponsor
• Rep. Nagle, Dave R, [D-IA-3] · D · Cosponsor
• Rep. Jontz, Jim [D-IN-5] · D · Cosponsor
• Sen. Johnson, Tim [D-SD] · D · Cosponsor
• Rep. Espy, Mike [D-MS-2] · D · Cosponsor
• Rep. Dyson, Roy [D-MD-1] · D · Cosponsor
• Rep. Marlenee, Ron [R-MT-2] · R · Cosponsor
• Rep. Panetta, Leon [D-CA-16] · D · Cosponsor
• Sen. Roberts, Pat [R-KS] · R · Cosponsor
• Rep. Emerson, Bill [R-MO-8] · R · Cosponsor
• Rep. Walsh, James T. [R-NY-25] · R · Cosponsor
• Rep. Lancaster, H. Martin [D-NC-3] · D · Cosponsor
• · ssaf00 · Standing
• · hsag00 · Standing

Related records

• related to → Providing for the consideration of the bill (H.R. 2869) to amend the Commodity Exchange Act to improve the regulation of futures and options traded under rules and regulations of the Commodity Futures Trading Commission, establish registration standards for all exchange floor traders, restrict practices which may lead to the abuse of outside customers of the marketplace, reinforce development of exchange audit trails to better enable the detection and prevention of such practices, establish higher standards for service on governing boards and disciplinary committees of self-regulatory organizations, enhance the international regulation of futures trading, regularize the process of authorizing appropriations for the Commodity Futures Trading Commission, and for other purposes.
• amends ← An amendment to require that Presidential appointees to the Commodity Futures Trading Commission have a demonstrated knowledge of futures trading, regulation of futures trading or production, merchandising, processing, or distribution of commodities.
• amends ← An amendment to expand the regulatory provisions of the bill relating to dual trading in commodity exchanges. The bill exempts commodity exchanges from prohibitions against dual trading if the exchange can demonstrate it has an effective and verifiable system for detecting potential abuses of such trading. The amendment would further require that a commodities exchange demonstrate that granting such an exemption would be in the public interest.
• amends ← An en bloc amendment that would: 1) Require the Commodities Futures Trading Commission to study the feasibility of computerized futures trading and authorize a computerized futures trading pilot project; 2) require the CFTC to monitor index arbitrage trading in equity index futures contracts; 3) require the CFTC to monitor the margin levels on equity index futures contracts.
• amends ← An amendment to prohibit board members of the Commodity Futures Trading Commission from voting on actions in which those members have a direct interest.
• amends ← An amendment to include the Farm Credit Administration among the agencies exempted from the Senior Executive Service personnel and pay practices.
• amends ← An amendment to require the Government Accounting Office to conduct a study to determine the feasibility of establishing commodity market user-fees for funding the enforcement activities of the Commodity Futures Trading Commission.
• amends ← An amendment to direct the Comptroller General of the United States to conduct an investigation of certain trading in soybean futures.