I 

116TH CONGRESS 

1ST SESSION H. R. 4770 

To revise and improve the advisory committees of the Commodity Futures 

Trading Commission. 

IN THE HOUSE OF REPRESENTATIVES 

OCTOBER 21, 2019 

Mr. BAIRD (for himself and Mr. HARDER of California) introduced the 

following bill; which was referred to the Committee on Agriculture 

A BILL 

To revise and improve the advisory committees of the 

Commodity Futures Trading Commission. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘CFTC Advisory Com5 mittee Improvement Act’’. 

6 SEC. 2. ADVISORY COMMITTEE CHANGES. 

7 Section 2(a)(15) of the Commodity Exchange Act (7 

8 U.S.C. 2(a)(15)) is amended to read as follows: 

9 ‘‘(15) ADVISORY COMMITTEES.— 

10 ‘‘(A) ESTABLISHMENT.— 


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1 ‘‘(i) IN GENERAL.—The Commission 

2 shall establish advisory committees to serve 

3 as vehicles for discussion and communica4 tion on matters related to the regulatory 

5 activities of the Commission. 

6 ‘‘(ii) MEMBERSHIP.—The Commission 

7 shall appoint to an advisory committee 

8 such members as the Commission finds ap9 propriate to promote robust discussion of 

10 the subject matter before the advisory 

11 committee. In appointing members to an 

12 advisory committee, the Commission shall 

13 seek to include a wide diversity of opinion 

14 and represent a broad cross-section of in15 terests, as applicable to the subject matter. 

16 ‘‘(B) ACTIVITIES.—The activities of an ad17 visory committee shall include the following: 

18 ‘‘(i) To hold public meetings at such 

19 intervals as necessary to carry out the 

20 functions of the advisory committee. 

21 ‘‘(ii) To submit to the Commission 

22 such reports and recommendations to the 

23 Commission (including minority views, if 

24 any) as the advisory committee deems ap25 propriate; and 


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1 ‘‘(iii) To serve as a vehicle for discus2 sion and communication on matters of con3 cern to exchanges, firms, end-users, and 

4 regulators regarding the derivatives mar5 kets and their regulation by the Commis6 sion. 

7 ‘‘(C) REIMBURSEMENT.—The members of 

8 each advisory committee shall be entitled to per 

9 diem and travel expense reimbursement by the 

10 Commission. 

11 ‘‘(D) APPLICABILITY OF THE FEDERAL

12 ADVISORY COMMITTEE ACT.—An advisory com13 mittee shall be subject to the Federal Advisory 

14 Committee Act (5 U.S.C. App.).’’. 

15 SEC. 3. TRANSITION RULES. 

16 Notwithstanding section 2(a)(15) of the Commodity 

17 Exchange Act, the Commodity Futures Trading Commis18 sion may permit an advisory committee that, as of the 

19 date of the enactment of this Act, had a charter estab20 lished by the Commission, or that was established under 

21 such section as in effect before such date of enactment, 

22 to continue to operate in accordance with the charter or 

23 in accordance with such predecessor section, as the case 


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1 may be, until the charter is renewed or the sponsor of the 

2 advisory committee is changed, whichever occurs earlier. 

Æ 


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