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[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 362 Introduced in House (IH)]

103d CONGRESS
  1st Session
                               H. R. 362

  To amend the Commodity Exchange Act to require public disclosure of 
 certain information relating to sales of commodities for export, and 
                          for other purposes.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                            January 5, 1993

Mr. Smith of Iowa introduced the following bill; which was referred to 
                      the Committee on Agriculture

_______________________________________________________________________

                                 A BILL

 
  To amend the Commodity Exchange Act to require public disclosure of 
 certain information relating to sales of commodities for export, and 
                          for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled, That the Commodity 
Exchange Act, as amended (7 U.S.C. 1 et seq.) is further amended by 
inserting after section 8d (7 U.S.C. 12d) the following:
    ``Sec. 8f. The Commission shall revoke the registration of any 
futures commission merchant, associate of any futures commission 
merchant, introducing broker, commodity pool operator, floor trader or 
floor broker--
            ``(1) who accepts or places, either directly or indirectly, 
        any order for the purchase or sale of any commodity for future 
        delivery on any contract market from any person who has been 
        found in violation of the provisions of section 27; or
            ``(2) who, himself, is a person who has been found in 
        violation of the provisions of section 27.
Any such person whose registration is revoked in accordance with this 
section shall not be eligible to reapply for registration until twelve 
months after the date of revocation.''.
    Sec. 2. The Commodity Exchange Act, as amended, is further amended 
by adding at the end thereof the following new section:
    ``Sec. 27. (a) Any person who, directly or indirectly, sells for 
export or agrees to sell for export the quantities determined pursuant 
to subsection (c) below of any wheat, corn, soybeans, and any component 
or commodity related to wheat, corn, or soybeans as the Commission may 
designate shall report the following information to the Commission: (1) 
the date of such sale or agreement, (2) the name and full identity of 
the commodity, (3) the quantity of the commodity, (4) the country or 
countries to which the commodity is to be shipped and the ultimate 
destination if known, and (5) such other information as the Commission 
may by regulation require. The report must be received by the 
Commission within forty-eight hours of the sale or agreement.
    ``(b) Notwithstanding the provisions of section 8 of this Act or 
any other provision of this Act, the Commission shall make available to 
the public each such report filed with the Commission pursuant to 
subsection (a) on the first working day following their receipt by the 
Commission. The Commission shall make these reports public in a manner 
that will (1) assure that all interested persons may obtain access to 
these reports at the same time and (2) protect against any person or 
firm obtaining premature disclosure of the information the reports 
contain. The Commission shall continue to make this information 
available to the public for a reasonable period of time.
    ``(c) Consistent with the interest of agricultural producers and 
others in the information contained in these reports, the purposes of 
this section, and the public interest, the Commission shall promulgate 
rules and regulations implementing the provisions of this section 
within ninety days of the effective date of this Act and may amend 
those rules and regulations from time to time thereafter. The 
Commission may by rule or regulation, among other things, limit the 
class of persons required to report pursuant to subsection (a). Unless 
or until changed by rule or regulation promulgated pursuant to this 
subsection, the class of persons required to report hereunder shall be 
limited to those persons whose total export sales and cancellations of 
wheat, corn, and soybeans exceed one hundred thousand metric tons daily 
or whose total export sales and cancellations of such commodities 
exceed two hundred thousand metric tons within seven calendar days.''.

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