I 

113TH CONGRESS 

2D SESSION H. R. 5490 

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 

SEPTEMBER 16, 2014 

Ms. DELAURO (for herself, Mr. WELCH, and Mr. COURTNEY) 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.—Except as provided in 

11 subparagraph (C), the Commission shall, by 

12 order, impose a fee on each agreement, con13 tract, or transaction that is a contract of sale 

14 of a commodity for future delivery, an option, 

15 or a swap, including an agreement, contract, or 

16 transaction transacted through the use of a for17 eign terminal, so that the total of the fees so 

18 imposed during each fiscal year is sufficient to 

19 recover the costs to the Government of the an20 nual appropriation to the Commission by Con21 gress for the fiscal year. 

22 ‘‘(B) FOREIGN TERMINAL.—In subpara23 graph (A), the term ‘foreign terminal’ means a 

24 technology, software, or device, which is located 

25 in the United States and used to execute an 

26 agreement, contract, or transaction on a foreign 


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1 board of trade, or which is located outside of 

2 the United States and used to execute an agree3 ment, contract, or transaction within the 

4 United States on a domestic board of trade. 

5 ‘‘(C) EXEMPTIONS.—The Commission, by 

6 rule, may exempt any such agreement, contract, 

7 or transaction from any fee imposed under this 

8 paragraph, if the Commission finds that the ex9 emption is consistent with— 

10 ‘‘(i) the public interest; 

11 ‘‘(ii) the equal treatment of contract 

12 markets, derivatives clearing organizations, 

13 and market participants; and 

14 ‘‘(iii) the operation of a nationwide 

15 market system. 

16 ‘‘(D) LIMITATION.—The fees imposed 

17 under this paragraph on all transactions of the 

18 same kind shall be determined in a uniform 

19 manner. 

20 ‘‘(E) MID-YEAR ADJUSTMENT.— 

21 ‘‘(i) IN GENERAL.—By March 1 of 

22 each fiscal year, the Commission shall de23 termine whether, based on the fees col24 lected under this subsection during the 

25 first 5 months of the fiscal year, the total 


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1 of the amounts collected and to be col2 lected under this subsection for the fiscal 

3 year is reasonably likely to be 10 percent 

4 (or more) greater or less than the costs de5 scribed in subparagraph (A) for the fiscal 

6 year. If the Commission so determines, the 

7 Commission shall by order, no later than 

8 March 1 of the fiscal year, adjust the fee 

9 rates otherwise applicable under this para10 graph for the fiscal year so that the total 

11 of the amounts so collected and to be col12 lected is reasonably likely to equal to the 

13 costs so described. 

14 ‘‘(ii) EFFECTIVE DATE.—Subject to 

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

16 rate prescribed under clause (i) of this sub17 paragraph in a fiscal year shall take effect 

18 on the later of— 

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

20 to which the rate applies; or 

21 ‘‘(II) 60 days after the date on 

22 which a regular appropriation to the 

23 Commission for the fiscal year is en24 acted. 


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1 ‘‘(F) PUBLICATION.—The Commission 

2 shall publish in the Federal Register notices of 

3 the fee rates applicable under this paragraph 

4 for a fiscal year not later than 30 days after 

5 the date on which a regular appropriation to 

6 the Commission for the fiscal year is enacted, 

7 together with any estimates or projections on 

8 which the fee rates are based. 

9 ‘‘(G) INAPPLICABILITY OF RULEMAKING

10 REQUIREMENTS.—In exercising its authority 

11 under this paragraph, the Commission shall not 

12 be required to comply with section 553 of title 

13 5, United States Code. 

14 ‘‘(H) NO JUDICIAL REVIEW.—A fee rate 

15 prescribed under this paragraph and published 

16 in accordance with subparagraph (F) shall not 

17 be subject to judicial review. 

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

19 ‘‘(A) CLEARED TRANSACTIONS; 

20 UNCLEARED SWAPS REPORTED TO SWAP DATA

21 REPOSITORIES.— 

22 ‘‘(i) PAYMENT OF FEES.— 

23 ‘‘(I) CLEARED TRANSACTIONS.— 

24 In the case of a contract of sale of a 

25 commodity for future delivery, an opVerDate Sep 11 2014 00:51 Sep 23, 2014 Jkt 039200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\H5490.IH H5490

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1 tion, or a swap that is cleared by a 

2 derivatives clearing organization reg3 istered or exempt from registration 

4 under this Act, each party to the 

5 agreement, contract, or transaction 

6 shall pay the fee determined under 

7 paragraph (1) to the derivatives clear8 ing organization. 

9 ‘‘(II) UNCLEARED SWAPS RE10 PORTED TO SWAP DATA REPOSI11 TORIES.—In the case of a swap that 

12 is not cleared by a derivatives clearing 

13 organization registered or exempt 

14 from registration under this Act and 

15 that is accepted by a swap data repos16 itory registered under section 21, each 

17 party to the swap shall pay the trans18 action fee determined under para19 graph (1) to the swap data repository. 

20 ‘‘(ii) COLLECTION OF FEES.—The 

21 Commission shall collect the fees paid in 

22 accordance with clause (i) in such manner 

23 and within such time as the Commission 

24 deems appropriate, except that if the Com25 mission has not collected a fee paid in acVerDate Sep 11 2014 00:51 Sep 23, 2014 Jkt 039200 PO 00000 Frm 00006 Fmt 6652 Sfmt 6201 E:\BILLS\H5490.IH H5490

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1 cordance with clause (i) within 30 days 

2 after receipt by the derivatives clearing or3 ganization or swap data repository, as the 

4 case may be, the organization or reposi5 tory, as the case may be, shall transmit the 

6 fee to the Commission. 

7 ‘‘(B) UNCLEARED SWAPS REPORTED TO

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

9 cleared by a derivatives clearing organization 

10 registered or exempt from registration under 

11 this Act and that is reported to the Commission 

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

13 shall pay the fee determined under paragraph 

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

15 such time as the Commission deems appro16 priate. 

17 ‘‘(C) SUBJECT TO APPROPRIATIONS.—Ex18 cept as provided in paragraph (4), a fee shall 

19 not be collected under this subsection for a fis20 cal year, except to the extent provided in ad21 vance in appropriation Acts. 

22 ‘‘(3) DEPOSIT OF FEES.— 

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

24 collected under paragraph (2) for a fiscal year 

25 shall be deposited and credited as offsetting colVerDate Sep 11 2014 00:51 Sep 23, 2014 Jkt 039200 PO 00000 Frm 00007 Fmt 6652 Sfmt 6201 E:\BILLS\H5490.IH H5490

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1 lections to the account providing appropriations 

2 to the Commission. 

3 ‘‘(B) GENERAL REVENUES PROHIBITED.— 

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

5 year shall not be deposited and credited as gen6 eral revenue of the Treasury. 

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

8 first day of a fiscal year a regular appropriation to 

9 the Commission has not been enacted, the Commis10 sion shall continue to collect (as offsetting collec11 tions) the fees imposed under paragraph (1) at the 

12 rate in effect during the preceding fiscal year, until 

13 60 days after the date such a regular appropriation 

14 is enacted. 

15 ‘‘(j) COMMODITY FUTURES TRADING COMMISSION

16 RESERVE FUND.— 

17 ‘‘(1) ESTABLISHMENT.—There is established in 

18 the Treasury of the United States a separate fund, 

19 to be known as the ‘Commodity Futures Trading 

20 Commission Reserve Fund’ (referred to in this sub21 section as the ‘Reserve Fund’). 

22 ‘‘(2) IMPOSITION OF FEES.—The Commission 

23 shall impose and collect an additional fee, as pro24 vided in subsection (i), except that the total amount 

25 of the fees imposed and collected in each fiscal year 


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1 shall not exceed an amount equal to the amount (if 

2 any) by which $50,000,000 exceeds the balance in 

3 the Reserve Fund as of the end of the preceding fis4 cal year, and paragraphs (2)(C) and (4) of sub5 section (i) shall not apply with respect to this sub6 section. 

7 ‘‘(3) DEPOSITS INTO RESERVE FUND.— 

8 ‘‘(A) IN GENERAL.—Except as provided in 

9 this paragraph, all fees collected under this 

10 paragraph shall be deposited into the Reserve 

11 Fund. 

12 ‘‘(B) LIMITATION.—The balance in the Re13 serve Fund shall not exceed $50,000,000. 

14 ‘‘(4) USE OF FUNDS.—The Commission may 

15 obligate amounts in the Reserve Fund, not to exceed 

16 a total of $50,000,000 in any 1 fiscal year, as the 

17 Commission determines is necessary to make long18 term investments in information technology for use 

19 by the Commission and to cover unexpected expenses 

20 of the Commission (as determined by the Commis21 sion). Not later than 10 days after the date on 

22 which the Commission obligates amounts under this 

23 paragraph, the Commission shall notify the Congress 

24 of the date, amount, and purpose of the obligation. 


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1 ‘‘(5) AVAILABILITY OF FUNDS.—Amounts in 

2 the Reserve Fund shall remain available until ex3 pended. 

4 ‘‘(6) RULE OF CONSTRUCTION.—Amounts in 

5 the Reserve Fund shall not be construed to be Gov6 ernment funds or appropriated monies and shall not 

7 be subject to apportionment for the purpose of chap8 ter 15 of title 31, United States Code, or under any 

9 other authority.’’. 

Æ 


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