I 

112TH CONGRESS 

1ST SESSION H. R. 3665 

To require the Commodity Futures Trading Commission to impose fees and 

assessments to recover the cost of appropriations to the Commission. 

IN THE HOUSE OF REPRESENTATIVES 

DECEMBER 14, 2011 

Ms. DELAURO (for herself, Mr. WELCH, and Mr. BOSWELL) introduced the 

following bill; which was referred to the Committee on Agriculture 

A BILL 

To require the Commodity Futures Trading Commission to 

impose fees and assessments to recover the cost of appropriations to the 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 ‘‘Wall Street Account5 ability through Sustainable Funding Act’’. 


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1 SEC. 2. REQUIREMENT THAT THE COMMODITY FUTURES 

2 TRADING COMMISSION IMPOSE FEES AND AS3 SESSMENTS TO RECOVER THE COST OF AP4 PROPRIATIONS TO THE COMMISSION. 

5 Section 12 of the Commodity Exchange Act (7 U.S.C. 

6 16) is amended by adding at the end the following: 

7 ‘‘(i) RECOVERY OF COSTS OF ANNUAL APPROPRIA8 TIONS.— 

9 ‘‘(1) IMPOSITION OF FEES.— 

10 ‘‘(A) IN GENERAL.—The Commission 

11 shall, by order, impose a fee on each agreement, 

12 contract, or transaction that is a contract of 

13 sale of a commodity for future delivery, an op14 tion on such a contract, or a swap, so that the 

15 total of the fees so imposed during each fiscal 

16 year is sufficient to recover the costs to the 

17 Government of the annual appropriation to the 

18 Commission by Congress for the fiscal year. 

19 ‘‘(B) LIMITATION.—The fees imposed 

20 under this paragraph on all transactions of the 

21 same kind shall be determined in a uniform 

22 manner. 

23 ‘‘(C) MID-YEAR ADJUSTMENT.— 

24 ‘‘(i) IN GENERAL.—By March 1 of 

25 each fiscal year, the Commission shall de26 termine whether, based on the fees colVerDate Mar 15 2010 06:17 Dec 20, 2011 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H3665.IH H3665

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1 lected under this subsection during the 

2 first 5 months of the fiscal year, the total 

3 of the amounts collected and to be col4 lected under this subsection for the fiscal 

5 year is reasonably likely to be 10 percent 

6 (or more) greater or less than the costs de7 scribed in subparagraph (A) for the fiscal 

8 year. If the Commission so determines, the 

9 Commission shall by order, no later than 

10 March 1 of the fiscal year, adjust the fee 

11 rates otherwise applicable under this para12 graph for the fiscal year so that the total 

13 of the amounts so collected and to be col14 lected is reasonably likely to equal to the 

15 costs so described. 

16 ‘‘(ii) EFFECTIVE DATE.—Subject to 

17 paragraphs (2)(C) and (4), an adjusted 

18 rate prescribed under clause (i) of this sub19 paragraph in a fiscal year shall take effect 

20 on the later of— 

21 ‘‘(I) the 1st day of the fiscal year 

22 to which the rate applies; or 

23 ‘‘(II) 60 days after the date on 

24 which a regular appropriation to the 


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1 Commission for the fiscal year is en2 acted. 

3 ‘‘(D) PUBLICATION.—The Commission 

4 shall publish in the Federal Register notices of 

5 the fee rates applicable under this paragraph 

6 for a fiscal year not later than 30 days after 

7 the date on which a regular appropriation to 

8 the Commission for the fiscal year is enacted, 

9 together with any estimates or projections on 

10 which the fee rates are based. 

11 ‘‘(E) INAPPLICABILITY OF RULE MAKING

12 REQUIREMENTS.—In exercising its authority 

13 under this paragraph, the Commission shall not 

14 be required to comply with section 553 of title 

15 5, United States Code. 

16 ‘‘(F) NO JUDICIAL REVIEW.—A fee rate 

17 prescribed under this paragraph and published 

18 in accordance with subparagraph (D) shall not 

19 be subject to judicial review. 

20 ‘‘(2) PAYMENT AND COLLECTION OF FEES.— 

21 ‘‘(A) CLEARED TRANSACTIONS; 

22 UNCLEARED SWAPS REPORTED TO SWAP DATA

23 REPOSITORIES.— 

24 ‘‘(i) PAYMENT OF FEES.— 


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1 ‘‘(I) CLEARED TRANSACTIONS.— 

2 In the case of a contract of sale of a 

3 commodity for future delivery, an op4 tion on such a contract, or a swap 

5 that is cleared by a derivatives clear6 ing organization registered or exempt 

7 from registration under this Act, each 

8 party to the agreement, contract, or 

9 transaction shall pay the fee deter10 mined under paragraph (1) to the de11 rivatives clearing organization. 

12 ‘‘(II) UNCLEARED SWAPS RE13 PORTED TO SWAP DATA REPOSI14 TORIES.—In the case of a swap that 

15 is not cleared by a derivatives clearing 

16 organization registered or exempt 

17 from registration under this Act and 

18 that is accepted by a swap data repos19 itory registered under section 21, each 

20 party to the swap shall pay the trans21 action fee determined under para22 graph (1) to the swap data repository. 

23 ‘‘(ii) COLLECTION OF FEES.—The 

24 Commission shall collect the fees paid in 

25 accordance with clause (i) in such manner 


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1 and within such time as the Commission 

2 deems appropriate. 

3 ‘‘(B) UNCLEARED SWAPS REPORTED TO

4 COMMISSION.—In the case of a swap that is not 

5 cleared by a derivatives clearing organization 

6 registered or exempt from registration under 

7 this Act and that is reported to the Commission 

8 pursuant to section 4r, each party to the swap 

9 shall pay the fee determined under paragraph 

10 (1) to the Commission in a manner and within 

11 such time as the Commission deems appro12 priate. 

13 ‘‘(C) SUBJECT TO APPROPRIATIONS.—Ex14 cept as provided in paragraph (4), a fee shall 

15 not be collected under this subsection for a fis16 cal year, except to the extent provided in ad17 vance in appropriation Acts. 

18 ‘‘(3) DEPOSIT OF FEES.— 

19 ‘‘(A) OFFSETTING COLLECTIONS.—A fee 

20 collected under paragraph (2) for a fiscal year 

21 shall be deposited and credited as offsetting col22 lections to the account providing appropriations 

23 to the Commission. 

24 ‘‘(B) GENERAL REVENUES PROHIBITED.— 

25 A fee collected under paragraph (2) for a fiscal 


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1 year shall not be deposited and credited as gen2 eral revenue of the Treasury. 

3 ‘‘(4) LAPSE OF APPROPRIATION.—If on the 

4 first day of a fiscal year a regular appropriation to 

5 the Commission has not been enacted, the Commis6 sion shall continue to collect (as offsetting collec7 tions) the fees imposed under paragraph (1) at the 

8 rate in effect during the preceding fiscal year, until 

9 60 days after the date such a regular appropriation 

10 is enacted.’’. 

Æ 


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