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[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2474 Introduced in House (IH)]

114th CONGRESS
  1st Session
                                H. R. 2474

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

                              May 20, 2015

Ms. DeLauro (for herself, Mr. Welch, Mr. Courtney, Ms. Maxine Waters of 
California, Mr. Ellison, Mr. McGovern, Ms. Norton, Ms. Schakowsky, Ms. 
 Slaughter, and Mr. Hastings) 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.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Wall Street Accountability through 
Sustainable Funding Act''.

SEC. 2. REQUIREMENT THAT THE COMMODITY FUTURES TRADING COMMISSION 
              IMPOSE FEES AND ASSESSMENTS TO RECOVER THE COST OF 
              APPROPRIATIONS TO THE COMMISSION.

    Section 12 of the Commodity Exchange Act (7 U.S.C. 16) is amended 
by adding at the end the following:
    ``(i) Recovery of Costs of Annual Appropriations.--
            ``(1) Imposition of fees.--
                    ``(A) In general.--Except as provided in 
                subparagraph (C), the Commission shall, by order, 
                impose a fee on each agreement, contract, or 
                transaction that is a contract of sale of a commodity 
                for future delivery, an option, or a swap, including an 
                agreement, contract, or transaction transacted through 
                the use of a foreign terminal, so that the total of the 
                fees so imposed during each fiscal year is sufficient 
                to recover the costs to the Government of the annual 
                appropriation to the Commission by Congress for the 
                fiscal year.
                    ``(B) Foreign terminal.--In subparagraph (A), the 
                term `foreign terminal' means a technology, software, 
                or device, which is located in the United States and 
                used to execute an agreement, contract, or transaction 
                on a foreign board of trade, or which is located 
                outside of the United States and used to execute an 
                agreement, contract, or transaction within the United 
                States on a domestic board of trade.
                    ``(C) Exemptions.--The Commission, by rule, may 
                exempt any such agreement, contract, or transaction 
                from any fee imposed under this paragraph, if the 
                Commission finds that the exemption is consistent 
                with--
                            ``(i) the public interest;
                            ``(ii) the equal treatment of contract 
                        markets, derivatives clearing organizations, 
                        and market participants; and
                            ``(iii) the operation of a nationwide 
                        market system.
                    ``(D) Limitation.--The fees imposed under this 
                paragraph on all transactions of the same kind shall be 
                determined in a uniform manner.
                    ``(E) Mid-year adjustment.--
                            ``(i) In general.--By March 1 of each 
                        fiscal year, the Commission shall determine 
                        whether, based on the fees collected under this 
                        subsection during the first 5 months of the 
                        fiscal year, the total of the amounts collected 
                        and to be collected under this subsection for 
                        the fiscal year is reasonably likely to be 10 
                        percent (or more) greater or less than the 
                        costs described in subparagraph (A) for the 
                        fiscal year. If the Commission so determines, 
                        the Commission shall by order, no later than 
                        March 1 of the fiscal year, adjust the fee 
                        rates otherwise applicable under this paragraph 
                        for the fiscal year so that the total of the 
                        amounts so collected and to be collected is 
                        reasonably likely to equal to the costs so 
                        described.
                            ``(ii) Effective date.--Subject to 
                        paragraphs (2)(C) and (4), an adjusted rate 
                        prescribed under clause (i) of this 
                        subparagraph in a fiscal year shall take effect 
                        on the later of--
                                    ``(I) the 1st day of the fiscal 
                                year to which the rate applies; or
                                    ``(II) 60 days after the date on 
                                which a regular appropriation to the 
                                Commission for the fiscal year is 
                                enacted.
                    ``(F) Publication.--The Commission shall publish in 
                the Federal Register notices of the fee rates 
                applicable under this paragraph for a fiscal year not 
                later than 30 days after the date on which a regular 
                appropriation to the Commission for the fiscal year is 
                enacted, together with any estimates or projections on 
                which the fee rates are based.
                    ``(G) Inapplicability of rulemaking requirements.--
                In exercising its authority under this paragraph, the 
                Commission shall not be required to comply with section 
                553 of title 5, United States Code.
                    ``(H) No judicial review.--A fee rate prescribed 
                under this paragraph and published in accordance with 
                subparagraph (F) shall not be subject to judicial 
                review.
            ``(2) Payment and collection of fees.--
                    ``(A) Cleared transactions; uncleared swaps 
                reported to swap data repositories.--
                            ``(i) Payment of fees.--
                                    ``(I) Cleared transactions.--In the 
                                case of a contract of sale of a 
                                commodity for future delivery, an 
                                option, or a swap that is cleared by a 
                                derivatives clearing organization 
                                registered or exempt from registration 
                                under this Act, each party to the 
                                agreement, contract, or transaction 
                                shall pay the fee determined under 
                                paragraph (1) to the derivatives 
                                clearing organization.
                                    ``(II) Uncleared swaps reported to 
                                swap data repositories.--In the case of 
                                a swap that is not cleared by a 
                                derivatives clearing organization 
                                registered or exempt from registration 
                                under this Act and that is accepted by 
                                a swap data repository registered under 
                                section 21, each party to the swap 
                                shall pay the transaction fee 
                                determined under paragraph (1) to the 
                                swap data repository.
                            ``(ii) Collection of fees.--The Commission 
                        shall collect the fees paid in accordance with 
                        clause (i) in such manner and within such time 
                        as the Commission deems appropriate, except 
                        that if the Commission has not collected a fee 
                        paid in accordance with clause (i) within 30 
                        days after receipt by the derivatives clearing 
                        organization or swap data repository, as the 
                        case may be, the organization or repository, as 
                        the case may be, shall transmit the fee to the 
                        Commission.
                    ``(B) Uncleared swaps reported to commission.--In 
                the case of a swap that is not cleared by a derivatives 
                clearing organization registered or exempt from 
                registration under this Act and that is reported to the 
                Commission pursuant to section 4r, each party to the 
                swap shall pay the fee determined under paragraph (1) 
                to the Commission in a manner and within such time as 
                the Commission deems appropriate.
                    ``(C) Subject to appropriations.--Except as 
                provided in paragraph (4), a fee shall not be collected 
                under this subsection for a fiscal year, except to the 
                extent provided in advance in appropriation Acts.
            ``(3) Deposit of fees.--
                    ``(A) Offsetting collections.--A fee collected 
                under paragraph (2) for a fiscal year shall be 
                deposited and credited as offsetting collections to the 
                account providing appropriations to the Commission.
                    ``(B) General revenues prohibited.--A fee collected 
                under paragraph (2) for a fiscal year shall not be 
                deposited and credited as general revenue of the 
                Treasury.
            ``(4) Lapse of appropriation.--If on the first day of a 
        fiscal year a regular appropriation to the Commission has not 
        been enacted, the Commission shall continue to collect (as 
        offsetting collections) the fees imposed under paragraph (1) at 
        the rate in effect during the preceding fiscal year, until 60 
        days after the date such a regular appropriation is enacted.
    ``(j) Commodity Futures Trading Commission Reserve Fund.--
            ``(1) Establishment.--There is established in the Treasury 
        of the United States a separate fund, to be known as the 
        `Commodity Futures Trading Commission Reserve Fund' (referred 
        to in this subsection as the `Reserve Fund').
            ``(2) Imposition of fees.--The Commission shall impose and 
        collect an additional fee, as provided in subsection (i), 
        except that the total amount of the fees imposed and collected 
        in each fiscal year shall not exceed an amount equal to the 
        amount (if any) by which $50,000,000 exceeds the balance in the 
        Reserve Fund as of the end of the preceding fiscal year, and 
        paragraphs (2)(C) and (4) of subsection (i) shall not apply 
        with respect to this subsection.
            ``(3) Deposits into reserve fund.--
                    ``(A) In general.--Except as provided in this 
                paragraph, all fees collected under this paragraph 
                shall be deposited into the Reserve Fund.
                    ``(B) Limitation.--The balance in the Reserve Fund 
                shall not exceed $50,000,000.
            ``(4) Use of funds.--The Commission may obligate amounts in 
        the Reserve Fund, not to exceed a total of $50,000,000 in any 1 
        fiscal year, as the Commission determines is necessary to make 
        long-term investments in information technology for use by the 
        Commission and to cover unexpected expenses of the Commission 
        (as determined by the Commission). Not later than 10 days after 
        the date on which the Commission obligates amounts under this 
        paragraph, the Commission shall notify the Congress of the 
        date, amount, and purpose of the obligation.
            ``(5) Availability of funds.--Amounts in the Reserve Fund 
        shall remain available until expended.
            ``(6) Rule of construction.--Amounts in the Reserve Fund 
        shall not be construed to be Government funds or appropriated 
        monies and shall not be subject to apportionment for the 
        purpose of chapter 15 of title 31, United States Code, or under 
        any other authority.''.
                                 <all>
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