UCLA Presents voteview.com beta 3
115th Congress > House > Vote 52
Clerk session vote number: 53
Sponsor: CONAWAY, K. Michael (R-TX)
Description: Commodity End-User Relief Act
Bill 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.
Bill titles: 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.
Links for more info on the vote: congress.gov
