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House Bill 8952
116th Congress(2019-2020)
CFTC Fund Management Act
Introduced
Introduced
Introduced in House on Dec 14, 2020
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Introduced in House 
Dec 14, 2020
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Introduced in House(Dec 14, 2020)
Dec 14, 2020
About Linkage
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Bill Sponsor regularly scans bill texts to find sections that are contained in other bill texts. When a matching section is found, the bills containing that section can be viewed by clicking "View Bills" within the bill text section.
Bill Sponsor is currently only finding exact word-for-word section matches. In a future release, partial matches will be included.
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H. R. 8952 (Introduced-in-House)


116th CONGRESS
2d Session
H. R. 8952


To amend the Commodity Exchange Act to modify the Commodity Futures Trading Commission Customer Protection Fund, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

December 14, 2020

Mrs. Axne introduced the following bill; which was referred to the Committee on Agriculture

A BILL

To amend the Commodity Exchange Act to modify the Commodity Futures Trading Commission Customer Protection Fund, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “CFTC Fund Management Act”.

SEC. 2. Commodity Futures Trading Commission Customer Protection Fund.

Section 23(g) of the Commodity Exchange Act (7 U.S.C. 26(g)) is amended—

(1) in paragraph (2)—

(A) in subparagraph (A), by striking “(a); and” and inserting “(b);”;

(B) in subparagraph (B), by striking the period at the end and inserting a semicolon; and

(C) by adding at the end the following:

“(C) the funding of educational initiatives designed to provide information on the incentives and protections available to customers under this section; and

“(D) the funding of administrative and salary expenses necessary for personnel to carry out the activities described in subparagraphs (A) through (C).”;

(2) in paragraph (3)—

(A) in subparagraph (A), by striking “$100,000,000” and inserting “$250,000,000”;

(B) by redesignating subparagraphs (A) through (C) as clauses (i) through (iii), respectively, and indenting appropriately;

(C) in the matter preceding clause (i) (as so redesignated), by striking “There shall” and inserting the following:

“(A) IN GENERAL.—There shall”;

(D) in subparagraph (A)(ii) (as so designated), by striking “subparagraph (A)” and inserting “clause (i)”; and

(E) by adding at the end the following:

“(B) SEPARATE ACCOUNT FOR EDUCATION INITIATIVES AND ADMINISTRATIVE EXPENSES.—

“(i) IN GENERAL.—Any amounts contained in, deposited into, or credited to the Fund under subparagraph (A) may be deposited into or credited to a separate account in the Fund described in clause (ii), unless the balance of the separate account at the time the amounts are deposited or credited exceeds $10,000,000.

“(ii) USE OF SEPARATE ACCOUNT.—The separate account referred to in clause (i) shall be available to the Commission, without further appropriation or fiscal year limitation, for the purposes described in subparagraphs (B) through (D) of paragraph (2).”; and

(3) in paragraph (5)—

(A) in subparagraph (H), by striking “and” at the end; and

(B) by striking subparagraph (I) and inserting the following:

“(I) a complete set of audited financial statements, including a balance sheet, income statement, and cash flow analysis, completed by an independent auditor, of the account in the Fund available for the payment of awards to whistleblowers in accordance with paragraph (2)(A); and

“(J) a complete set of audited financial statements, including a balance sheet, income statement, and cash flow analysis, completed by an independent auditor, of the separate account for education initiatives and administrative expenses described in paragraph (3)(B).”.