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Senate Bill 409
117th Congress(2021-2022)
A bill to provide for the availability of amounts for customer education initiatives and non-awards expenses of the Commodity Futures Trading Commission Whistleblower Program, and for other purposes.
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Became Public Law 117-25 on Jul 6, 2021
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S. 409 (Introduced-in-Senate)


117th CONGRESS
1st Session
S. 409


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

IN THE SENATE OF THE UNITED STATES

February 24, 2021

Mr. Grassley (for himself, Ms. Hassan, Ms. Ernst, and Ms. Baldwin) introduced the following bill; which was read twice and referred to the Committee on Agriculture, Nutrition, and Forestry

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. 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), by striking “(a)” and inserting “(b)”; and

(2) in paragraph (3)—

(A) in subparagraph (A), by striking “$100,000,000” and inserting “$150,000,000”;

(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—

“(I) the purpose described in subparagraph (B) of paragraph (2); and

“(II) the funding of administrative and salary expenses necessary for personnel to carry out the activities described in subparagraphs (A) and (B) of that paragraph.

“(iii) SUNSET.—The authority to deposit amounts into, or credit amounts to, the separate account referred to in clause (i) shall expire on October 1, 2021, and any remaining unobligated balances in that separate account may be transferred at any time thereafter to the Fund.”.