H.R. 238 - 115th Congress (2017-2018) - Commodity End-User Relief Act

Sponsor

Introduced

Jan 4, 2017

Latest Action

Jan 17, 2017

Origin Chamber

House

Type

Bill Number

238

Congress

115

Policy Area

Sponsorship by Party

Texas

Georgia

Georgia

Texas

House Votes (2)

Senate Votes (0)

Question

On Passage

Status

Passed

Type

Roll Call Type

Yea-And-Nay

Roll Number

House Roll Call Votes

Republicans

Democrats

Select State

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.

Text (3)

Referred in Senate

January 17, 2017

Engrossed in House

January 12, 2017

Introduced in House

January 4, 2017

Amendments (8)

Jan 12, 2017

Agreed to in House

Sponsorship

House Amendment 38

Amendment delays implementation of the CFTC Ownership and Control Reports Rule until the Chairman determines the rule has been amended by adjusting reporting trading volume levels to 300 contracts per day, removing the requirements for natural person controller data, and ensuring the rule does not require entities to violate foreign privacy laws.

Agreed To

Jan 12, 2017

Agreed to in House

Sponsorship

House Amendment 37

Amendment exempts all inter-affiliate transactions from being regulated as "swaps" under the Dodd-Frank related provisions of the Commodity Exchange Act ("CEA") and Commodity Futures Trading Commission ("CFTC") regulations promulgated thereunder.

Agreed To

Jan 12, 2017

Agreed to in House

Sponsorship

House Amendment 36

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.

Agreed To

Jan 12, 2017

Agreed to in House

Sponsorship

House Amendment 35

Amendment prohibits the CFTC from compelling the production of algorithmic trading source code and similar intellectual property unless it has issued a subpoena.

Agreed To

Jan 12, 2017

Agreed to in House

Sponsorship

House Amendment 34

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.

Agreed To

Jan 12, 2017

Agreed to in House

Sponsorship

House Amendment 33

Amendment makes technical and conforming changes to the bill.

Agreed To

Jan 12, 2017

Agreed to in House

Sponsorship

House Amendment 32

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.

Agreed To

Jan 12, 2017

Agreed to in House

Sponsorship

House Amendment 31

Amendment modifies the Commodity Exchange Act to give the Commodity Futures Trading Commission authority to designate other agencies to manage its leases.

Agreed To

Actions (35)

Show Only Major Actions

01/17/2017

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

01/12/2017

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

01/12/2017

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

01/12/2017

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

01/12/2017

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

01/12/2017

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

01/12/2017

DEBATE - The House proceeded with 10 minutes of debate on the motion to recommit with instructions. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment to insert language prohibiting the Commission from considering the swaps regulatory requirements of a foreign jurisdiction if that jurisdiction has been found by the Commission, in consultation with the Director of National Intelligence, to have engaged in cyber-attacks targeting any election held in the United States.

01/12/2017

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

01/12/2017

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)

01/12/2017

The previous question was ordered pursuant to the rule.

01/12/2017

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

01/12/2017

UNFINISHED BUSINESS - The Chair announced that the unfinished business was on adoption of amendments which were debated earlier an on which further proceedings had been postponed.

01/12/2017

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

01/12/2017

Considered as unfinished business. (consideration: CR H450-451)

01/12/2017

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

01/12/2017

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

01/12/2017

Mr. Conaway moved that the committee rise.

01/12/2017

DEBATE - Pursuant to the provisions of H. Res. 40, the Committee of the Whole proceeded with 10 minutes of debate on the Hartzler Part B amendment No. 8.

01/12/2017

DEBATE - Pursuant to the provisions of H. Res. 40, the Committee of the Whole proceeded with 10 minutes of debate on the Lucas Part B amendment No. 7.

01/12/2017

DEBATE - Pursuant to the provisions of H. Res. 40, the Committee of the Whole proceeded with 10 minutes of debate on the LaMalfa Part B amendment No. 6.

01/12/2017

DEBATE - Pursuant to the provisions of H. Res. 40, the Committee of the Whole proceeded with 10 minutes of debate on the Duffy Part B amendment No. 5.

01/12/2017

POSTSPONED PROCEEDINGS - At the conclusion of debate on the Conaway amendment, the Chair put the question on adoption of the amendment and by voice vote announced that the ayes had prevailed. Mr. Courtney demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until a time to be announced.

01/12/2017

DEBATE - Pursuant to the provisions of H. Res. 40, the Committee of the Whole proceeded with 10 minutes of debate on the Conaway Part B amendment No. 4.

01/12/2017

DEBATE - Pursuant to the provisions of H. Res. 40, the Committee of the Whole proceeded with 10 minutes of debate on the Conaway Part B amendment No. 3.

01/12/2017

DEBATE - Pursuant to the provisions of H. Res. 40, the Committee of the Whole proceeded with 10 minutes of debate on the Austin Scott (GA) Part B amendment No. 2.

01/12/2017

DEBATE - Pursuant to the provisions of H. Res. 40, the Committee of the Whole proceeded with 10 minutes of debate on the Aderholt Part B amendment No. 1.

01/12/2017

GENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate on H.R. 238.

01/12/2017

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

01/12/2017

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

01/12/2017

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.

01/12/2017

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

01/11/2017

Rule H. Res. 40 passed House.

01/10/2017

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.

01/04/2017

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.

01/04/2017

Introduced in House

Public Record

Record Updated

Jan 11, 2023 1:34:34 PM