I
103D CONGRESS
1ST SESSION H. R. 362
To amend the Commodity Exchange Act to require public disclosure of certain
information relating to sales of commodities for export, and for other
purposes.
IN THE HOUSE OF REPRESENTATIVES
JANUARY 5, 1993
Mr. SMITH of Iowa introduced the following bill; which was referred to the
Committee on Agriculture
A BILL
To amend the Commodity Exchange Act to require public
disclosure of certain information relating to sales of com-
modities for export, and for other purposes.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
That the Commodity Exchange Act, as amended (7 U.S.C.
1 et seq.) is further amended by inserting after section
8d (7 U.S.C. 12d) the following:
‘‘SEC. 8f. The Commission shall revoke the registra-
tion of any futures commission merchant, associate of any
futures commission merchant, introducing broker, com-
modity pool operator, floor trader or floor broker—
‘‘(1) who accepts or places, either directly or in-
directly, any order for the purchase or sale of any
commodity for future delivery on any contract mar-
ket from any person who has been found in violation
of the provisions of section 27; or
‘‘(2) who, himself, is a person who has been
found in violation of the provisions of section 27.
Any such person whose registration is revoked in accord-
ance with this section shall not be eligible to reapply for
registration until twelve months after the date of revoca-
tion.’’.
SEC. 2. The Commodity Exchange Act, as amended,
is further amended by adding at the end thereof the fol-
lowing new section:
‘‘SEC. 27. (a) Any person who, directly or indirectly,
sells for export or agrees to sell for export the quantities
determined pursuant to subsection (c) below of any wheat,
corn, soybeans, and any component or commodity related
to wheat, corn, or soybeans as the Commission may des-
ignate shall report the following information to the Com-
mission: (1) the date of such sale or agreement, (2) the
name and full identity of the commodity, (3) the quantity
of the commodity, (4) the country or countries to which
the commodity is to be shipped and the ultimate destina-
tion if known, and (5) such other information as the Com-
mission may by regulation require. The report must be
received by the Commission within forty-eight hours of the
sale or agreement.
‘‘(b) Notwithstanding the provisions of section 8 of
this Act or any other provision of this Act, the Commission
shall make available to the public each such report filed
with the Commission pursuant to subsection (a) on the
first working day following their receipt by the Commis-
sion. The Commission shall make these reports public in
a manner that will (1) assure that all interested persons
may obtain access to these reports at the same time and
(2) protect against any person or firm obtaining pre-
mature disclosure of the information the reports contain.
The Commission shall continue to make this information
available to the public for a reasonable period of time.
‘‘(c) Consistent with the interest of agricultural pro-
ducers and others in the information contained in these
reports, the purposes of this section, and the public inter-
est, the Commission shall promulgate rules and regula-
tions implementing the provisions of this section within
ninety days of the effective date of this Act and may
amend those rules and regulations from time to time
thereafter. The Commission may by rule or regulation,
among other things, limit the class of persons required to
report pursuant to subsection (a). Unless or until changed
by rule or regulation promulgated pursuant to this sub-
section, the class of persons required to report hereunder
shall be limited to those persons whose total export sales
and cancellations of wheat, corn, and soybeans exceed one
hundred thousand metric tons daily or whose total export
sales and cancellations of such commodities exceed two
hundred thousand metric tons within seven calendar
days.’’.
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