CFTC Fund Management Act

II 116TH CONGRESS 2D SESSION S. 4995 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 DECEMBER 9, 2020 Mr. GRASSLEY (for himself, Ms. HASSAN, Ms. ERNST, and Ms. BALDWIN) in- troduced the following bill; which was read twice and referred to the Com- mittee on Agriculture, Nutrition, and Forestry A BILL To amend the Commodity Exchange Act to modify the Com- modity Futures Trading Commission Customer Protec- tion Fund, and for other purposes. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘CFTC Fund Manage- 4 ment Act’’. 5 SEC. 2. COMMODITY FUTURES TRADING COMMISSION CUS- 6 TOMER PROTECTION FUND. 7 Section 23(g) of the Commodity Exchange Act (7 8 U.S.C. 26(g)) is amended— 9 VerDate Sep 11 2014 03:23 Dec 16, 2020 Jkt 019200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S4995.IS S4995 pamtmann on DSKBC07HB2PROD with BILLS 2 •S 4995 IS (1) in paragraph (2)— 1 (A) in subparagraph (A), by striking ‘‘(a); 2 and’’ and inserting ‘‘(b);’’; 3 (B) in subparagraph (B), by striking the 4 period at the end and inserting a semicolon; 5 and 6 (C) by adding at the end the following: 7 ‘‘(C) the funding of educational initiatives 8 designed to provide information on the incen- 9 tives and protections available to customers 10 under this section; and 11 ‘‘(D) the funding of administrative and 12 salary expenses necessary for personnel to carry 13 out the activities described in subparagraphs 14 (A) through (C).’’; 15 (2) in paragraph (3)— 16 (A) in subparagraph (A), by striking 17 ‘‘$100,000,000’’ and inserting ‘‘$250,000,000’’; 18 (B) by redesignating subparagraphs (A) 19 through (C) as clauses (i) through (iii), respec- 20 tively, and indenting appropriately; 21 (C) in the matter preceding clause (i) (as 22 so redesignated), by striking ‘‘There shall’’ and 23 inserting the following: 24 ‘‘(A) IN GENERAL.—There shall’’; 25 VerDate Sep 11 2014 03:23 Dec 16, 2020 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S4995.IS S4995 pamtmann on DSKBC07HB2PROD with BILLS 3 •S 4995 IS (D) in subparagraph (A)(ii) (as so des- 1 ignated), by striking ‘‘subparagraph (A)’’ and 2 inserting ‘‘clause (i)’’; and 3 (E) by adding at the end the following: 4 ‘‘(B) SEPARATE ACCOUNT FOR EDUCATION 5 INITIATIVES AND ADMINISTRATIVE EX- 6 PENSES.— 7 ‘‘(i) IN GENERAL.—Any amounts con- 8 tained in, deposited into, or credited to the 9 Fund under subparagraph (A) may be de- 10 posited into or credited to a separate ac- 11 count in the Fund described in clause (ii), 12 unless the balance of the separate account 13 at the time the amounts are deposited or 14 credited exceeds $10,000,000. 15 ‘‘(ii) USE OF SEPARATE ACCOUNT.— 16 The separate account referred to in clause 17 (i) shall be available to the Commission, 18 without further appropriation or fiscal year 19 limitation, for the purposes described in 20 subparagraphs (B) through (D) of para- 21 graph (2).’’; and 22 (3) in paragraph (5)— 23 (A) in subparagraph (H), by striking 24 ‘‘and’’ at the end; and 25 VerDate Sep 11 2014 03:23 Dec 16, 2020 Jkt 019200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\S4995.IS S4995 pamtmann on DSKBC07HB2PROD with BILLS 4 •S 4995 IS (B) by striking subparagraph (I) and in- 1 serting the following: 2 ‘‘(I) a complete set of audited financial 3 statements, including a balance sheet, income 4 statement, and cash flow analysis, completed by 5 an independent auditor, of the account in the 6 Fund available for the payment of awards to 7 whistleblowers in accordance with paragraph 8 (2)(A); and 9 ‘‘(J) a complete set of audited financial 10 statements, including a balance sheet, income 11 statement, and cash flow analysis, completed by 12 an independent auditor, of the separate account 13 for education initiatives and administrative ex- 14 penses described in paragraph (3)(B).’’. 15 Æ VerDate Sep 11 2014 03:23 Dec 16, 2020 Jkt 019200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6301 E:\BILLS\S4995.IS S4995 pamtmann on DSKBC07HB2PROD with BILLS