I 
116TH CONGRESS 
1ST SESSION H. R. 4250 
To amend the Commodity Exchange Act to exempt certain charitable organi-
zations from regulation as commodity pool operators, and for other 
purposes. 
IN THE HOUSE OF REPRESENTATIVES 
SEPTEMBER 9, 2019 
Ms. CRAIG introduced the following bill; which was referred to the Committee 
on Agriculture 
A BILL 
To amend the Commodity Exchange Act to exempt certain 
charitable organizations from regulation as commodity 
pool operators, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. EXEMPTION OF QUALIFIED CHARITABLE ORGA-
NIZATIONS 
FROM 
REGULATION 
AS 
COM-
MODITY POOL OPERATORS. 
Section 4m of the Commodity Exchange Act (7 
U.S.C. 6m) is amended— 
(1) by striking ‘‘SEC. 4M. (1) It’’ and inserting 
the following: 
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‘‘SEC. 4m. USE OF MAILS OR OTHER MEANS OR INSTRU-
MENTALITIES OF INTERSTATE COMMERCE 
BY COMMODITY TRADING ADVISORS AND 
COMMODITY POOL OPERATORS. 
‘‘(a) PROHIBITION.— 
‘‘(1) IN GENERAL.—It’’; 
(2) in the second sentence— 
(A) by striking ‘‘The provisions of this sec-
tion’’ and inserting the following: 
‘‘(2) EXCEPTIONS.— 
‘‘(A) COMMODITY TRADING ADVISORS.— 
‘‘(i) IN GENERAL.—Subject to clause 
(ii) and except as provided in subpara-
graphs (B) and (C), this section’’; 
(B) by striking ‘‘commodity trading advi-
sor who is a (1) dealer’’ and inserting the fol-
lowing: ‘‘commodity trading advisor who is a— 
‘‘(I) dealer’’; 
(C) by striking ‘‘or (2) nonprofit’’ and in-
serting the following: ‘‘; or 
‘‘(II) nonprofit’’; 
(D) by striking ‘‘Commodity Futures 
Trading Commission Act of 1974; if the advice 
by the person described in clause (1) or (2) of 
this sentence’’ and inserting the following: 
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‘‘Commodity Futures Trading Commission Act 
of 1974. 
‘‘(ii) APPLICABILITY.—Clause (i) only 
applies if the advice by the person de-
scribed in subclause (I) or (II) of clause 
(i)’’; 
(E) by striking ‘‘business:’’ and inserting 
‘‘business.’’; and 
(F) by striking ‘‘Provided, That such per-
son shall be subject to proceedings under sec-
tion 14 of this Act.’’ and inserting the fol-
lowing: 
‘‘(B) COMPLAINTS
AGAINST
EXCEPTED 
PERSONS.—A person described in subclause (I) 
or (II) of clause (i) shall be subject to pro-
ceedings under section 14. 
‘‘(C) CHARITABLE ORGANIZATIONS.—This 
section shall not apply to any commodity trad-
ing advisor or commodity pool operator that 
is— 
‘‘(i) a charitable organization, as de-
fined in section 3(c)(10)(D)(iii) of the In-
vestment Company Act of 1940 (15 U.S.C. 
80a–3(c)(10)(D)(iii)), or a trustee, direc-
tor, officer, employee, or volunteer of such 
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a charitable organization acting within the 
scope of the employment or duties of the 
person with the organization, whose trad-
ing advice is provided only to, or with re-
spect to, one or more of— 
‘‘(I) any such charitable organi-
zations; or 
‘‘(II) an investment trust, syn-
dicate, or similar form of enterprise 
excluded from the definition of ‘invest-
ment company’ pursuant to section 
3(c)(10) of the Investment Company 
Act 
of 
1940 
(15 
U.S.C. 
80a– 
3(c)(10)); or 
‘‘(ii) any plan, company, or account 
described in section 3(c)(14) of the Invest-
ment Company Act of 1940 (15 U.S.C. 
80a–3(c)(14)), any person or entity who 
establishes or maintains such a plan, com-
pany, or account, or any trustee, director, 
officer, employee, or volunteer for any of 
the foregoing plans, persons, or entities 
acting within the scope of the employment 
or duties of the person with the organiza-
tion, whose trading advice is provided only 
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to, or with respect to, any investment 
trust, syndicate, or similar form of enter-
prise excluded from the definition of ‘in-
vestment company’ pursuant to section 
3(c)(14) of the Investment Company Act 
of 1940 (15 U.S.C. 80a–3(c)(14)).’’; 
(3) by striking ‘‘(2) Nothing in this Act’’ and 
inserting the following: 
‘‘(b) RELATIONSHIP TO OTHER LAW.—Nothing in 
this Act’’; 
(4) by striking ‘‘(3) EXCEPTION.—’’ and all 
that follows through ‘‘Paragraph (1) shall not 
apply’’ and inserting the following: 
‘‘(c) EXCEPTION.— 
‘‘(1) IN
GENERAL.—Subsection (a) shall not 
apply’’; 
(5) by striking ‘‘(B) ENGAGED PRIMARILY.— 
For purposes of subparagraph (A)’’ and inserting 
the following: 
‘‘(2) ENGAGED
PRIMARILY.—For purposes of 
paragraph (1)’’; 
(6) by striking ‘‘(C) COMMODITY INTERESTS.— 
For purposes of this paragraph’’ and inserting the 
following: 
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