A bill to amend the Commodity Exchange Act to require a review of current exemptions granted to foreign entities in response to an attempt by a foreign authority to exercise direct supervisory authority over a domestic derivatives clearing organization.

II 116TH CONGRESS 1ST SESSION S. 2933 To amend the Commodity Exchange Act to require a review of current exemptions granted to foreign entities in response to an attempt by a foreign authority to exercise direct supervisory authority over a domes- tic derivatives clearing organization. IN THE SENATE OF THE UNITED STATES NOVEMBER 21, 2019 Mr. BOOZMAN (for himself and Mr. DURBIN) introduced the following bill; which was read twice and referred to the Committee on Agriculture, Nu- trition, and Forestry A BILL To amend the Commodity Exchange Act to require a review of current exemptions granted to foreign entities in re- sponse to an attempt by a foreign authority to exercise direct supervisory authority over a domestic derivatives clearing organization. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. RESPONSE TO FOREIGN REGULATORY AU- 3 THORITY. 4 Section 5b of the Commodity Exchange Act (7 U.S.C. 5 7a–1) is amended by inserting after subsection (i) the fol- 6 lowing: 7 VerDate Sep 11 2014 03:32 Nov 30, 2019 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S2933.IS S2933 kjohnson on DSK79L0C42 with BILLS 2 •S 2933 IS ‘‘(j) RESPONSE TO FOREIGN REGULATORY AUTHOR- 1 ITY.—If a foreign authority seeks to assert direct super- 2 visory authority over a derivatives clearing organization 3 that is domiciled in the United States, the Commission 4 shall review the appropriateness of the exemptions granted 5 to foreign entities, including clearinghouses, under the ju- 6 risdiction of the foreign authority.’’. 7 Æ VerDate Sep 11 2014 03:32 Nov 30, 2019 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\S2933.IS S2933 kjohnson on DSK79L0C42 with BILLS