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[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3891 Introduced in House (IH)]

104th CONGRESS
  2d Session
                                H. R. 3891

 To amend the Commodity Exchange Act to provide for the regulation of 
contracts for the purchase or sale of a commodity for future delivery, 
    which are made on or subject to the rules of a board of trade, 
    exchange, or market located outside the United States, when the 
             commodity is deliverable in the United States.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                             July 24, 1996

 Mr. Schumer introduced the following bill; which was referred to the 
                        Committee on Agriculture

_______________________________________________________________________

                                 A BILL

 
 To amend the Commodity Exchange Act to provide for the regulation of 
contracts for the purchase or sale of a commodity for future delivery, 
    which are made on or subject to the rules of a board of trade, 
    exchange, or market located outside the United States, when the 
             commodity is deliverable in the United States.

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

SECTION 1. REGULATION OF FOREIGN FUTURES CONTRACTS DELIVERABLE IN THE 
              UNITED STATES.

    (a) Regulation of Foreign Contracts Deliverable in United States.--
Section 4 of the Commodity Exchange Act (7 U.S.C. 6) is amended--
            (1) in subsection (a), by striking ``(other than a 
        contract'' and inserting ``(subject to subsection (b), other 
        than a contract''; and
            (2) in subsection (b)--
                    (A) by striking ``No'' in the third sentence and 
                inserting ``Except as provided in the next sentence, 
                no''; and
                    (B) by adding at the end the following new 
                sentence: ``An agreement, contract, or transaction for 
                the purchase or sale for future delivery of a commodity 
                deliverable in the United States shall be subject to 
                the requirements of subsection (a) notwithstanding the 
                fact that the agreement, contract, or transaction is 
                made on or subject to the rules of a board of trade, 
                exchange, or market located outside the United States, 
                its territories or possessions.''.
    (b) Conforming Amendment.--Section 4b(c) of such Act (7 U.S.C. 
6b(c)) is amended by striking ``Nothing in this section'' and inserting 
``Except with respect to an agreement, contract, or transaction for the 
purchase or sale for future delivery of a commodity deliverable in the 
United States, nothing in this section''.
    (c) Effective Date.--The amendments made by this section shall take 
effect six months after the date of the enactment of this Act and shall 
apply to agreements, contracts, and transactions for the purchase or 
sale of commodities for future delivery that are entered into on or 
after such effective date.
                                 <all>
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