I

107TH CONGRESS

1ST SESSION H. R. 1580

To provide that Commodity Futures Trading Commission employees may

be paid on a par with employees of other government financial institutions.

IN THE HOUSE OF REPRESENTATIVES

APRIL 25, 2001

Mr. CHAMBLISS introduced the following bill; which was referred to the Committee on Agriculture, and in addition to the Committee on Government

Reform, for a period to be subsequently determined by the Speaker, in

each case for consideration of such provisions as fall within the jurisdiction of the committee concerned

A BILL

To provide that Commodity Futures Trading Commission

employees may be paid on a par with employees of other

government financial institutions.

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled,

3 SECTION 1. PAY PARITY FOR COMMODITY FUTURES TRAD4 ING COMMISSION EMPLOYEES.

5 (a) IN GENERAL.—

6 (1) Section 2(a) of the Commodity Exchange

7 Act (7 U.S.C. 4a) is amended by redesignating para8 graphs (7) through (11) as paragraphs (8) through
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1 (12), respectively, and by inserting after paragraph

2 (6) the following:

3 ‘‘(7) APPOINTMENT AND COMPENSATION.—

4 ‘‘(A) IN GENERAL.—The Commission may

5 appoint and fix the compensation of such offi6 cers, attorneys, economists, examiners, and

7 other employees as may be necessary for car8 rying out its functions under this Act.

9 ‘‘(B) RATES OF PAY.—Rates of basic pay

10 for all employees of the Commission may be set

11 and adjusted by the Commission without regard

12 to the provisions of chapter 51 or subchapter

13 III of chapter 53 of title 5, United States Code.

14 ‘‘(C) COMPARABILITY.—The Commission

15 may provide additional compensation and bene16 fits to employees of the Commission if the same

17 type of compensation or benefits are then being

18 provided by any agency referred to under sec19 tion 1206(a) of the Financial Institutions Re20 form, Recovery, and Enforcement Act of 1989

21 (12 U.S.C. 1833b) or, if not then being pro22 vided, could be provided by such an agency

23 under applicable provisions of law, rule, or reg24 ulation. In setting and adjusting the total

25 amount of compensation and benefits for em-
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1 ployees, the Commission shall consult with, and

2 seek to maintain comparability with, the agen3 cies referred to under section 1206(a) of the Fi4 nancial Institutions Reform, Recovery, and En5 forcement Act of 1989 (12 U.S.C. 1833b).’’.

6 (2) CONFORMING AMENDMENTS.—Section

7 12(b) of such Act (7 U.S.C. 16(b)) is amended by

8 striking paragraph (2) and redesignating paragraphs

9 (3) and (4) as paragraphs (2) and (3), respectively.

10 (b) REPORTING OF INFORMATION.—Section 1206 of

11 the Financial Institutions Reform, Recovery, and Enforce12 ment Act of 1989 (12 U.S.C. 1833b) is amended—

13 (1) by inserting ‘‘(a) IN GENERAL.—’’ before

14 ‘‘The Federal Deposit’’;

15 (2) by striking ‘‘the Thrift Depositor Protection

16 Oversight Board of the Resolution Trust Corpora17 tion’’; and

18 (3) by adding at the end the following:

19 ‘‘(b) REPORTING OF INFORMATION.—In establishing

20 and adjusting schedules of compensation and benefits for

21 employees of the Commodity Futures Trading Commis22 sion under applicable provisions of law, the Commission

23 shall inform the heads of the agencies referred to under

24 subsection (a) and Congress of such compensation and
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1 benefits and shall seek to maintain comparability with

2 such agencies regarding compensation and benefits.’’.

3 (c) TECHNICAL AMENDMENTS.—

4 (1) Section 3132(a)(1) of title 5, United States

5 Code, is amended—

6 (A) in subparagraph (C), by striking ‘‘or’’

7 after the semicolon; and

8 (B) in subparagraph (D), by striking the

9 period and inserting ‘‘; or’’; and

10 (C) by adding at the end the following:

11 ‘‘(E) the Commodity Futures Trading

12 Commission.’’.

13 (2) Section 5373(a) of such title is amended—

14 (A) in paragraph (2), by striking ‘‘or’’

15 after the semicolon;

16 (B) in paragraph (3), by striking the pe17 riod and inserting ‘‘; or’’; and

18 (C) by adding at the end the following:

19 ‘‘(4) section 2(a)(7) of the Commodity Ex20 change Act.’’.

21 (3) Section 5316 of such title is amended—

22 (A) by striking ‘‘General Counsel, Com23 modity Futures Trading Commission’’; and

24 (B) by striking ‘‘Executive Director, Com25 modity Futures Trading Commission.’’.
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1 (d) EFFECTIVE DATE.—

2 (1) IN GENERAL.—Except as provided in para3 graph (2), the amendments made by this section

4 shall take effect on the date of the enactment of this

5 Act.

6 (2) EXCEPTION.—The amendments made by

7 subsection (c)(1) shall take effect as of such date as

8 the Commodity Futures Trading Commission shall

9 (by order published in the Federal Register) pre10 scribe, but in no event later than 1 year after the

11 date of the enactment of this Act.

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